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Tips for reducing the risk of credit card debt deluge

When you are facing the beginnings of a debt or income crisis, credit card accounts can be a welcome tool. When money is especially low, you might be able to keep up with other bills by using any incoming cash to make those payments while using credit card accounts to fund daily living expenses such as fuel or groceries. But this can lead to even more problems with debt, because you are adding a new debt when you might not be able to raise your income in time to make the new payments.

One way you can stem the tide of credit card debt is simply make it less possible to access such debt. You can limit some of the offers you get from credit card companies by having yourself added to lists for no solicitation or calls. One reason this can be a good tactic is that it limits the offers you get without creating any limitation on your ability to seek credit if you decide to do so.

Another step to managing credit card debt that you should use at all times is to review your statements carefully. Make sure all the charges on your account are correct, that fraudulent charges aren't present and that the credit card company hasn't made any errors when charging for fees or other items.

If you already have credit accounts and you are having a hard time keeping things in check, it might be time to break out the scissors. Cut up the cards so you don't have easy access to the line of credit. And if you are in a situation where you can't cover daily living expenses without a credit card, then consider talking to a legal adviser about bankruptcy or other options.

Source: Dummies.com, "How to Control Credit Debt," accessed March 25, 2016

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