4 Pillars Offers 3 Proven Approaches To Reduce Credit Card Spending

One of the most common types of debt for consumers in and around Victoria is credit card debt. It is easy to make a few larger purchases one month and end up carrying a balance into the next cycle. This balance will only increase as interest builds and minimum payments become higher and higher.

There are three different ways that debt consultants at 4 Pillars recommend to help keep credit card spending under control. Our programs provide education and personalized plan development, but anyone in Victoria can implement one or more of these strategies.

Reduce the Number of Credit Cards Used

Having one major credit card is easier to manage than multiple credit cards that are good for stores or retail outlets. It is not uncommon for the debt consultants at 4 Pillars to find multiple store cards with small balances that are inflated with interest, penalties, and fees.

Using only a major credit card limits the risk of missed payments common with multiple cards that are harder to manage.

Consider Spending Alerts

Choosing to set spending alerts on credit cards is a helpful way to have a visual reminder of the use of the card. Most bank debit cards also allow this feature, helping to keep people on track and limit impulse purchases on credit.

Shop Online

Using credit cards to shop online or to place orders online for pickup can help with impulse buying. In addition, many online retailers offer lower prices than in-store merchandise, which can help to reduce overall credit card spending.

Keep in mind, your 4 Pillars debt consultant can work with you to develop effective strategies to use credit wisely and avoid building debt.