Things to do before making your next Credit Card Payment

A recent study shows a shift in American personal debt trends. Between 2019 and 2023, excluding mortgages, personal debt saw a slight annual decline. However, in 2024, there's been a 4% increase in personal debt.

Credit card bills account for 28% of consumer debt, overshadowing car loans at 13%. If you're grappling with credit card debt, common advice suggests paying off balances monthly, aiming for debt clearance within five years, and even freezing your cards to curb overspending.

But even diligent efforts may feel futile given high fees and interest rates. Surprisingly, many card issuers are open to negotiation. Nearly 90% of those requesting late fee waivers succeed, especially with a solid payment history and valid excuse.

Similarly, asking for an APR reduction can yield results, with 70% achieving a lower rate, especially if you mention competitive offers. Changing your due date for convenience or setting spending limits can also aid in managing debt and improving financial control.