REDUCING CREDIT CARD DEBT

The first step is to reduce your available credit. This is what got you into trouble in the first place! Reducing your available credit begins with your finding out exactly how much you own on each card, and what the APR (annual percentage rate) is. The APRs can range from 5.9 percent to 24.00Percent! Department store cards tend to carry higher interest rates than major credit cards. However, if you had bad credit or no credit when you applied for a major credit card, you were considered "High Risk"and therefore most likely issued a card with a very high interest rate. Once you have written down the amounts owed and the interest rates, the next step is to find out which card carries the lowest APR.

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