Too often, people are seduced by credit card offers that seem too good to be true. Just as often, people can find themselves struggling through a mountain of bills each month, with credit balances that never seem to diminish. There are ways to be responsible and take action in order to lower these montly bills.

Credit Card Moderation

It's a simple suggestion, but one that is often overlooked by those who are bogged down with credit card debt. The less fuel that is added to the fire, the easier the fire becomes to control. With that in mind, those looking to lower credit card bills should leave the cards at home and only use them out of necessity. Asking "Do I really need this?" before making a credit card purchase should become a sort of mantra. Consider the interest that will be attached to the purchase and determine if, in the long run, it is worth the price. Here is an interesting trick that may help curb impulse purchases: place the credit card in a storage bag full of water and freeze it. Waiting for the ice to thaw offers ample time to consider the purchase and its possible consequences.

Paying Above the Minimum

When a person receives a credit card statement, there is always a minimum payment amount listed. What is not listed is the fact that just paying this amount will do nothing to minimize the balance. Minimum payments are calculations of accrued interest. Therefore, getting into the habit of paying more than the minimum amount is the only way to ensure that money will go toward the actual credit card balance. Even if it is only an extra $10 or $20 that can be paid each month, it is a small step toward lowering monthly credit bills.

Balance Transfers

Applying for another credit card might seem like a step backward in the bill elimination process, but it can actually help. If a person's current credit cards have high interest rates, it can be a long uphill battle to diminish the balances. In some cases, people will receive offers for cards with low or zero percent interest rates along with special offers for balance transfers. Moving the debt to a line of credit with lower interest means that more money will go toward the actual balance. Choosing this route requires some research, however. Sometimes the low interest will be an introductory rate that will shoot up if the balance is not eradicated in a specific time frame.

Consolidation Loans

Consolidation loans are unsecured loans offered by banks to pay off current credit card debt. This is a viable option for those who have good-standing credit and steady monthly income. Many people will seek consolidation loans from banks they have used and trusted for a long time. If approved for a consolidation loan, it is important to check the loan's interest rate to ensure that this method will be a step forward, not a step back.

Source:

LowerMyBills.com, Credit Card Debt Consolidation

The Money Club, Small Steps to Reduce Credit Card Debt

Personal Financial Network, How Can I Lower My Credit Card Payments?