Reducing credit card debt is not easy. In fact, it may take several years to completely payoff balances. Nonetheless, the sooner you begin the journey in becoming debt free, the sooner you can reap the benefits. In order to eliminate debts, it is important to outline a realistic plan. Additionally, sacrifices are necessary. Here are a couple of tips to help you quickly reduce credit card debts.

Transfer Credit Card Balances

There is no easy way to eliminate credit card debt. However, there are various tactics to help you payoff the balances sooner. For starters, if you have a high interest credit card, you may consider transferring the balance to a low interest card.

If you have good credit, it may be possible to obtain a special six or twelve month introductory rate of 0%. During this period, you are not charged interest. Thus, all payments will go toward reducing the balance. However, if choosing this option, avoid late payments. Submitting a single late payment will void the initial agreement, and the creditor is free to charge a high interest rate.

Obtain a Debt Consolidation Loan

Debt consolidation loans are very useful, and an ideal way to eliminate credit card debts. There are two types of debt consolidation loans. These include secured loans and unsecured loans.

Unsecured debt consolidation loans are very difficult to obtain. Many banks and lending institutions offer these sorts of loans. However, applicants must have superb credit and earn a generous income to qualify. Even if an applicant meets the banks requirements, this does not guarantee approval. Additionally, loan applicants are limited in the amount of money they are able to borrow.

Secured debt consolidation loans are easy to acquire. Moreover, those with less than perfect credit can get qualify for these loans as long as there is sufficient collateral. Hence, applicants may get approved using their vehicle as security. Furthermore, if you own a home, home equity loans can also serve as a secured debt consolidation loan.

How to Benefit the Most from a Debt Consolidation Loan

If obtaining a debt consolidation loan, try and resist the urge to use credit cards frivolously. Remember, the goal is to become debt free. With this said, it is important to use credit cards responsibly and avoid acquiring additional debts.

Visit www.abcloanguide.com to find a list of reputable online lenders for debt consolidation loans.

View our recommended online companies to help you with debt management solutions.

Carrie Reeder owns ABC Loan guide an online resource with information about poor credit mortgage lenders online.