How to Save Money on Credit Card Debt – Saving You Time and Money
We are all bombarded by ads telling us how to save money, how to be a better consumer, how to save the environment. While you can certainly save money on some of these things by shopping online, most people are not quite sure what they can do about their other expenses, which may be bigger than their income.
It is true that people who have credit card bills can be burdened. Many people have more than one or two credit cards, so that they can make payments for every bill and there is no room for error. It is not unusual to have a huge balance, and it is nearly impossible to pay off in full without taking out another debt. However, there are ways to pay off one or two smaller debts quickly, while your larger, more expensive bills sit collecting interest.
By paying down one or two debts in order to get out of debt you will be able to use your extra money towards your next bigger bill. This makes for less interest, more convenience and is a lot less time consuming, compared to trying to try to clear multiple payments at once.
If you are wondering how to save money on your other bills, it is also important to find ways to improve your credit. Your credit score determines whether or not lenders will extend you credit and can determine whether you receive lower interest rates. Your score can also affect where you live, as well as whether you get approved for jobs. So you want to keep a good rating.
A good way to raise your credit score is to get a copy of it from one of the three major credit reporting agencies, TransUnion, Equifax and Experian. You can get copies at any office supply store, but it is especially important to get your report from the three agencies if you want to check it carefully and find out what is going on in your report.
Another option is to request copies of your credit report from each of the three agencies. In the process, you can request copies of all your credit reports, which include information such as credit card balances and interest rates, and the types of accounts you have open with them. Once you have done this, review it carefully. If you can find errors, dispute them to raise your rating or even sue the credit reporting agency that made the error for correcting it.