In today’s world, every other person has a credit card and every other person has credit card debt. If you don’t keep track of what you are spending, you will end up with more debt than you can pay off. And the interest on that alone is enough to depress you. This is where credit card debt management comes in. The temptation to get a new card is unbelievable. Every other day, you might have someone or the other calling you and telling you that you have been selected or shortlisted to receive a credit card.

The first thing that you have to do is to stop spending money that you don’t have. It might be useful to have it lying around, and it feels like you are not really spending your own money. It also helps at the end of the week, to just swipe the card and pay for your purchases. The best way to curb this using credit card debt management is to take all your credit cards and put them in a bowl of water and freeze it. So when the time comes when you feel the need to use a credit card, you will really have to sit down and think about it when you are waiting for the credit cards to thaw out.

Another important rule of credit card debt management is that you have to remember never to put too much money on the credit card. You should always just put enough that you can pay off the following month. It’s easy to carry over a balance but you should pay it off as soon as you can. The more you put it off, the more interest it gathers and the more you will end up spending. You might think you are purchasing something on sale but how much have you saved really if you just end up paying money in interest month after month.

Another important rule of credit card debt management is that if you have money that you have to pay for your car loan, don’t use that money to pay for something like your home loan. This is because you will be paying off your home loan in 12 monthly installments for the next 30 years whereas you can’t do the same with a vehicle. You will just end up paying interest on your car long after you have gone and bought a new one. If you want to buy a new car, ask how low they can go with the prices, and you can also trade your old car in and get a great deal.

The number one rule of credit card debt management is to pay cash every time. This way you won’t be paying interest on anything at all. It might be difficult till you can get the money to get what you want, but you could always repair the old one and save up till you can afford to purchase a new one. Any interest that you might have on loans adds up quicker than you can imagine.