Some people find themselves stuck in large credit card debt mainly due to uncontrolled spending and inefficient account management. As a result of not submitting payments on time, a lot of cardholders pay a huge sum of cash on interest rates and late penalty fees, not to mention over-the-limit charges.

Do you find yourself in a similar situation? Are you struggling with your credit card debt? If yes, what can you do?

Others may think about cancelling their credit cards as the solution to the problem. But closing a credit card account with an existing balance is a big mistake. Doing so can cause great damage on your credit history which can affect even your future credit prospects.

Take note that the status of your account on the time that you cancelled will be reflected in your credit report and will remain there for up to seven years. Imagine the impression you will make on future creditors if they see such a negative remark in your file.

Thus, if you do find yourself struggling to pay off your credit card debt, don’t even contemplate about cancelling. Your first priority is to complete your payments. Once you have zeroed in your balance on your credit card, that’s the only time you may consider closing your account. Therefore what can you do to make debt repayment easier? Consider the following suggestions:

Don’t charge new purchases. As you try your best to pay your debts one step at a time, do not add more weight to your burden by incurring new charges. Focus on the task at hand and fight the temptation to spend using your credit card.

Plan your repayment. You need a smart strategy in order to keep up with your repayment. Based upon your monthly earnings, distribute your budget according to your priorities. Instead of just submitting the monthly minimum due, try to pay as much as you can on your credit card to reduce your debts at a faster rate. Save up every possible cent you can and use it on debt repayment.

Negotiate with your credit card company. This is an important step that must not be overlooked. Of course, no issuer would voluntarily lower your rate or waive fees, unless you take the initiative and make the request to do so.

Speak with the person in charge with the decisions (bank manager or supervisor) and explain your situation. Show your willingness to stand by your obligation but let them know that you need help as well. Request for a lower interest rate or for additional fees to be waived so you can catch up with your repayment. Whether or not your credit card company helps out, borrowers must always try and negotiate.

Seek help from a credit counselling agency. If you are not confident about negotiating your debts, you can seek help from a credit counselling agency. Check out the NFCC’s (National Foundation for Credit Counselling) (NFCC.org) website for a list of accredited agencies near your location.