Credit cards, and revolving credit in general, can be both a blessing and a curse. It is definitely a blessing in a time of need when you are short of money and have an emergency. Unfortunately it becomes a curse if you are not able to repay it on time. There are a couple of simple things you can do to better manage your revolving debt, which includes charge cards, gas accounts, and department store cards.
Stop Adding To Your Debt
The absolute best thing you can do to manage your revolving debt is to cut all of your charge cards in half. Sound dramatic? Sure, it is, but it is one way to make sure that you stop adding on to the amount that you owe.
If you are not ready to take such a drastic step, start with leaving all of your credit cards at home. Then they are available if you really have an emergency but are not in your wallet when you are out shopping. If you make it inconvenient to use credit you are much less likely to add to your balances.
Needs and Wants
The next step is to make a list of the things you spend money on each month. Now sit down and divide the list into two columns: one side for things you really need and the other side for things you want but do not actually need. Each month reduce the amount you spend on wants and just spend on the needs. If you do this regularly, you will be surprised by how much you are able to save.
Now that you are saving money by spending less, it's time to use it wisely. Start increasing the amount that you are paying on your revolving debt. Also you might consider contacting a debt management company who could give you even more ideas on how to save money and reduce your debt.