Unless you manage your credit card debt well you are likely to pay far more than you should on the debt your incurred through credit card use. Here are some ĠEMMA tips which we suggest you follow.
Often people have more than one debt on several credit cards. If this is your case, pay the most expensive card first. Credit cards charge different rates of interest. This will show on your credit card statement. Out of all your cards, pay the most on the one with the highest interest rate first. Make sure you pay at least the minimum payment on all agreements, otherwise you could incur charges. Then you can move on to overpaying your next most expensive credit card or personal loan.
Pay more than the minimum repayment. Paying the minimum amount each month makes it feel like the debt is affordable. But this can be a really bad idea. If you are on a 0% rate for an introductory period, paying only the minimum each month will make only small inroads into your debt – and it could take ages, and cost a lot, to repay the balance, even if you don’t carry on spending. Always try to repay as much as you can. Even if you only increase it by a small amount each month, it can make a huge difference.
Set up a Direct Debit to make sure you never miss a payment. You can set it up for any amount you want, but make sure it’s more than the minimum repayment.
Watch Out for Penalties. Some cards charge high late fees, and other penalties. For example, if you miss a payment or go over your limit, you may be charged a penalty, or your interest rate may go up.

If you know you’re likely to be late a few times with your payment, a card with lower penalties and a slightly higher interest rate may be a better deal.

Repay your credit card debts with savings. If you can repay your expensive card debts with your savings unless you have more urgent priority debts. You will reduce your savings and might stop receiving interest on your savings, but you will save much more in the long-term. This is because you will pay far less interest on your debt than the interests you will receive from your savings.
Know What You’re Getting. Always read the fine print. If you have a great introductory rate, make sure you know what happens when it ends. For example, what will the new rate be? Does anything else change when the interest rate changes?