The year 2012 may have just started but if you still have credit card balances incurred from last year, you should definitely take action to pay off these debts at the soonest time.  Don’t wait until the first quarter or for another six months to pass by before paying off your credit card debt.

More importantly, don’t let your credit card bills pile up on your mail box before you start opening them.  Ignoring your debts will not make them go away and trying to hide from your creditors will not solve the problem.  The best thing to do is to face up to the challenge of debt repayment.

Here are some tips on how you can dig yourself out of credit card debt more quickly in 2012:

Calculate your total debt.  Some people don’t even know the exact amount they owe from each of their creditors.   However, if you are aware about the details of your debts, you will be able to decide which repayment strategy is best for your situation.

Review your credit card bills.  Check each statement of account to make sure that all charges on your bill are correct.  In case of errors or unauthorized charges, it is your consumer right to dispute them with your creditor.  Thus, you don’t have to pay for debts you did not owe.

Prioritize your debt.  If you own a number of credit cards with unpaid balances on each account, check which of your cards have the highest interest rate.  It’s a good idea to pay off your highest-rate debt first to prevent your debts from continuously accumulating.

Pay off your full balance if possible. Do you have credit card accounts with a small balance that you can pay off in full?  If possible, pay off your balance in full right away to avoid interest rate charges.  It is also a good way to cut down your overall debt.

Pay more than the minimum required due.  If you can’t pay off your full balance, try to pay as much as you can each month.  It can be tempting to stick with just the minimum due payments but the longer you prolong your balance, the more you will pay on interest rate charges.

Contact your credit card issuer to ask for a lower rate. If you have good credit history and an impressive payment record with your bank or issuer, you can contact your creditor and request for a lower interest rate.  If you’ve been a long time customer, it is more likely that your request will be granted.  However, be sure to ask to speak with the manager or the supervisor or someone who can make decisions on such matters.

Get a zero rate balance transfer card.  Another way to consolidate your credit card debt is to get a balance transfer card with zero interest rate.  Check how much the regular rate will be when the introductory period ends.  Last but not least, see to it that you can pay off all the balances you transferred while the zero interest still applies.

About the Author
Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of http://www.newhorizon.org such as their continuous effort in giving out Free Credit Repair and Building Ebook. NHBS also has a list of recommended Bad Credit Credit Cards

About Melanie Mathis

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. Connect with Melanie Mathis on Google+

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