By: Calgary Debt Consolidation – if you own multiple credit cards, then you have more debts and hence more stress in your life. One can own even four credit cards. But he must be aware of how it works, how to pay off the credits on time to avoid getting into credit card debt. It is a serious financial problem. So pre-planning on your financial expenses is always recommended if you own credit cards. Always spend within your affordability. Do not swipe your card more than you can afford. Here are six ways on how you can close or pay off multiple credit card debts easily, more at Edmonton debt consolidation

  • Pay the credit debt with the highest interest rates

Instead of paying the minimum on every credit card that you own, try to pay more on the card with more interest rates. Then move on to the card with second high interest rates. This way you can save more money on the interest rates that you pay. Another option is to keep paying minimum debt payment each month on all cards and pay more on the smallest debt you own, to completely close one credit card debt with the smallest amount. Next move on to the next smallest debt.

  • Close the account as you close the debt

If you have completely closed the debt on one card, then close off that card account with its provider. If you own it, you must still pay the annual fees. It is a rule that all credit card providers have to provide an option to close their credit account online anytime.

  • Balance Transfer

A good option that a person with multiple credit card has to consider is that he must transfer the money from a high interest credit card to the zero interest transfer credit card to save some money on the high interest rates. To make use of it completely, pay off the money in the transfer cards before the promised period. Otherwise, they give a high charge for the money with very high interest rates. Also, new purchases using this transfer card invites high interest rates.

  • Lower the credit card limit

Some people own a credit card just to make online payments and for emergency purposes. In such cases limit your credit card limit to an amount that you can afford to pay within three months of its bill.

  • Get debt/help

If you are finding your financial situation worst, then make sure you act quickly by asking for help from an Alberta debt consolidation service. Else your credit report will be affected to the core. Arrange for an agreement with the credit card provider until you are able to pay and your financial situation turns back to normal. Talk to them and explain your financial hardships so that they modify your payment plans/ installments or temporarily alter your credit plan.

  • Own less credit card

Always own just one credit card for payments and emergency money handling times. If you hold more than one or more than you can afford to pay the credit bills, then there is no doubt you are going to be in debt by holding on to so many credit bills.