5 Ways You Can start to reduce your credit card debts

Many of us will have credit card debts. We can all rely on the flexibility a credit card can provide when we need them the most. Whether that is to replace an essential appliance in our homes, or simply to get through a five-week payday month. We have all been there. It becomes an issue when you still just make the minimum payments. Interest adds up and your balances never seem to reduce fast enough. However, if that is all you can afford per month, what are your options? I wanted to share a few ways that you can start to reduce your credit card debts without using any more of your current income. 

Reduce your food shopping bill

First up, look at your food shopping costs per week. Are there any changes you can make to reduce your spending? Work out what you averagely spend each week, then make a supermarket switch, meal plan or buy store-branded items. The difference between what you spend versus what you usually spend could be transferred straight onto a credit card each week. Whether it is £10 or £50 it will all add up, and you won’t feel worse off. 

Make a switch with insurance or energy providers 

Another thing to consider is making the switch for companies that provide your energy and insurance products. You can do this at least once a year, and the idea would be to transfer any savings you make onto a credit card. Even a £5 reduction per month on your direct debt could make a small difference to the interest on your credit card. 

Cut things out that you normally spend money on 

Do you buy a takeaway coffee on your commute to work? Perhaps you enjoy a takeaway meal each week on the weekend? Maybe you have a TV subscription you barely use? Think about the things you usually spend money on that you can cut out and not miss. A £10 per month tv subscription, a weekly spend of £15 on takeout coffees, or that £30 takeaway you have each week. If you cut something out transfer what you spend to your credit card each week. 

Sell unwanted things online 

Got cupboards and drawers full of things you don’t wear? Maybe your kids have bags of clothes they have outgrown. If this is the case get online and sell your unwanted things. Apps like Vinted or websites like eBay can be a great way to build up some money and just transfer it straight across to your credit card. If you never had it, you won’t miss it. 

Side hustle money 

Finally, if you have any spare time why not try a few side hustles to earn some extra money? It could be filling out online surveys. It might only be a few pounds each week, but you could use that to help reduce an interest charge. Or why not perform some mystery shops? The fees could be transferred to a credit card. 

Hopefully, these suggestions will help you to start reducing your credit card debts without needing to touch your existing income.