Pay off your credit card in full

The best strategy is often to pay off your credit card in full each month, but if you can't do that, then at least repay the minimum payment by the due date on your monthly card statement.

Take advantage of interest free periods

There are many providers that offer credit cards with up to 55 interest-free days on certain purchases, sometimes more. In essence, this means you won't be charged any interest on eligible purchases if you've been paying the closing balance in full by the payment due date on each monthly statement.

If you're in trouble, stop spending

If you do fall behind with your credit card payments, try to stop using your credit cards and start using cash until you get on top of your debt.

Decrease your credit limit

If you're spending beyond your means, you should speak to your bank/mortgage lender about decreasing your credit limit.

Consolidate your credit cards

Consolidate your credit cards into one loan payment is a good idea - use a debt consolidation loan to consolidate multiple credit cards, so you only have to think about making one repayment each month instead of juggling multiple debts.

Avoid overdraw fees

Ask your credit card provider to switch off any overdraw facility on your credit card.

If you're worried about managing your credit card debt, contact the financial planners at Intellichoice today on 1300 55 10 45 for some practical and easy to implement strategies to get you back on track. We can assist with debt consolidation, debt management, budgeting, savings tips and more.