10 Ways To Reduce Your Credit Card Debt

Those that end up being wealthy don’t make it a habit to revolve debt on their credit cards. If you have a goal this year to get rid of your credit card debt, here are 10 ideas to help you get rid of the plastic hangover.

  1. Pay The Credit Card With The Lowest BalanceEven though some credit cards may have a higher balance, putting a check mark in the win column by paying off just one credit card will get you fired up to pay off another.
  2. Pay Cash For Three Months If you walk into a grocery store or a department store with cash, you can only get as far as your wallet will take you. By physically not using a credit card for three months, your habits and how you think about money will begin to change.
  3. Switch Your Credit Card Debt To A Lower Rate If you can qualify for a zero balance credit card transfer or some type of low introductory rate, this can help you slow down the bleeding while you pay off a card. There are many good websites on the internet to credit card compare. Try www.billshrink.com as a starter.
  4. Get Down To 2 Or 3 Credit CardsYou really don’t need store cards for any good reason, and if you get down to 2 or 3 major brand credit cards that should be enough if you actually need a card. If you are paying off your bills, I recommend getting a card that will give you some type of rewards program.
  5. Get Rid Of A ViceDebt is often built up by our guilty pleasures whether they be large or small ones. Just pick one vice you can get rid of for a year whether it be the morning coffee or cigarettes. This will put some much needed money in your pocket and off the card.
  6. Earn Additional Income If it is a small part time business or just an extra day of work on the weekend, working to earn some additional income that you will use to pay down your debt is a good use of time.
  7. Make Your Payments On TimeCredit card companies thrive on the fact that you just won’t pay your bills promptly, thus whacking you with late fees and charges. Just may sure you have your on line bill pay set to the right day or mail your check early enough to avoid these costly fees.
  8. Delay Your GratificationPut in a 48 hour rule. If you are going to make a major purchase, just wait 48 hours before you buy the new product to be certain that you need it. If you put this rule into effect, you will find yourself making less impulse purchases, and really begin questioning what you really have to buy to make ends meet.
  9. Talk To Your Spouse/PartnerIf you are in a spender/saver relationship and your partner is the spender, have an honest conversation around how many credit cards you both have. There is nothing more damaging in a relationship than having hidden money and debt that the other partner doesn’t know about lurking around the corner.
  10. Change Your LifestyleLet’s face it, most people live beyond their means. Everyone wants a little taste of the good life and what we see on television. However, most of us can live very well without having the luxury brand of everything. Consider how important those items are when they bring the everyday stress of carrying this credit card debt over your head. Do you really need those items that bad?

Take these ten tips and get your year off to the right financial foot by getting rid of your credit card debt!

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

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oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves


My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.


  • Avatar
    Jerry M.
    March 3, 2011

    This calculator shows you how to reduce your credit card debt most efficiently:


  • Avatar
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