If you have reached the maximum limit on your credit cards then the only way to regain control of your finances is through debt consolidation.
The following steps will help you keep your debt under control: 1.
Stop using cards: Every time you use your credit card you will accumulate debt.
So avoid using your card and try to purchase everything with cash.
If necessary get rid of your cards.
2.
Do a financial analysis: Make a list of all the card debts you have.
Also make a list of your monthly expenses.
With this data you will have a clear picture of how much you can spare every month for your debt repayment.
3.
Consolidate loan: try to transfer all your credit card loans on to the credit card which offers you the lowest interest rate.
This will be the fastest method of debt consolidation.
4.
Check for schemes with the credit card companies: If there are any schemes to reduce your balance adopt them.
A low long term interest rate will be good for your finance as it will reduce your monthly payment.
Also a zero percent balance transfer will help you improve your finances.
5.
Pay more than the minimum due amount: Paying the minimum due amount will keep your account out of arrears but it will not help you with the debt balance.
The interest rates are so high that paying off only 2% to 3% of the balance through the minimum amount due will not be helpful in reducing the balance.
6.
Start paying off loans with the lowest balance: Paying off the lowest balance will be easier for you and this will you enough extra money to pay off the other loans later.