Taming your credit card debt

It's tempting to rely on credit cards to get you through lean times. Before you go wild with the plastic, though, remember that it's much easier to get into debt than out of it.

Use these six tips to help you maintain control of your debt.

Don't overspend your income. Avoid using credit cards for everyday purchases that could easily be paid with cash. Remember, willpower goes a long way.

If you carry a balance on one or more cards, the key is to pay more than the minimum each month to reduce the debt more quickly or, better yet, pay the balance in full. These good habits will also help build a strong credit history.

Avoid the temptation of the parade of credit card offers that entice you with low introductory rates and balance transfers. Applying for new cards all the time can ding your credit score.

By balancing your income against expenses, you'll keep a firm grip on wasteful spending. If housing costs, transportation and food eat up the greatest share of your monthly budget, then consider living with a roommate, carpool to work at least a few times a week, and dine in instead of out. You may miss the social scene, but your wallet won't.

Setting aside a little every month helps prevent the need to put a surprise expense on a credit card. Medical or car troubles can rack up debt in no time. An emergency fund will make it a lot easier to handle when the unexpected arises.

If you have credit card debt, you may be able to consolidate higher rate debt with a Personal Loan. It could lower your monthly payments and you'll pay less interest. You may even be preapproved!

To learn more about Personal Loans call us at 1-800-288-3425, send us a secure message in Think Online, or visit any Think Bank office.

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