Almost every household in the country has a fair amount of credit card debt and that’s irrespective of savings and careful expenditure. However, you can try and manage your debts and keep it as low as possible by the way you budget and work out a financial strategy.

To start with, you must have a plan in place to keep your credit card debts under control by using them judiciously. So, when you start accumulating balance, you can ensure that you at least pay off the minimum on a monthly basis. And this calls for understanding and analyzing one’s spending habits, so you can set aside money to pay off any debts.

Here are a few more tips that can help you reduce your credit card debts.

• When you get your credit card statement, you should try and pay off more than the minimum amount so as to reduce the interest amount on a monthly basis. As a part of this strategy, you should check and set aside any bonus or extra money you will be entitled to.
• You can try and refrain from using credit cards and use cash instead to keep your debt from accumulating.
• You can also look for any extra and unnecessary expenses in your credit card statement. This can help you steer clear of it in the next cycle.
• Another interesting strategy is to opt for a credit card with low-interest rates; however, if you have multiple cards, you can pay the one that has a lower interest rate followed by the one with the highest.
• You can also consider opting for a debt consolidation loan or choose to opt for a 0% balance transfer credit card.

You can also consider automating your payments on a monthly basis to avoid missing the deadlines and to maintain a good credit score. You can check your account statements on a weekly or monthly basis to avoid overspending. Looking for some genuine personal finance applications can help you link your cards in one place to help you track your expenditure.

In the case of medical expenses, you must try and avoid using credit cards as the interest rates can be exorbitant while paying it back. For such occasional purchases, you can consider opting for a balance transfer card that can offer around 0% interest rates for around 6 to 18 months. Although you might end up paying a nominal transfer fee, you would be thankful for not paying interest charges while paying the debt.

You should ensure to pay off your dues in time so as to avoid any financial woes in the future. After all, at the end of the day, it is important to not always follow the “buy now pay later” motto with a credit card. You must stay mindful of your spending and saving to eventually maintain a good credit score.