Sometimes when you still trying build up your income to cover your outgoings it is quite difficult to keep on top of specific items of debt on a monthly basis. One such area a lot people have problems with is credit card debt with most people having several credit cards and a lot of money owing on each one.



A technique that you can use while you are building up your income or eliminating other debt is to contain specific areas of debt such as your credit cards.

Let's say you have five credit cards and they are all almost at the limit. It's likely that payments of these will be at various different times throughout the month so with a little bit of planning you can create a situation where you have containment of your credit card debt by using a revolving payment solution.

What this means is you pay off what is required for your monthly payment of one credit card and then draw out sufficient funds to pay off the monthly payment on the next card and so forth. So one card pays the next card and you are containing the debt within each of these cards are not spending any more money on the cards while using one to finance the other until you can start chipping away at the balance.

All you will need to concentrate on is the actual interest portion of the debt in total of all the cards for the month.

While this is not the optimum solution it might be your only alternative until you can get on top of some of your other debt so you will need to determine when you're working at your budget whether this is something that you will need to do and then you will need to work out exactly how much the interest portion will be and calculate how you're going to come up with that portion from your income.

Once you have this sorted and can manage this from one month to the next you have contained that particular debt for the short term until you can address the problem.

You will only do this if you have other forms of debt with the interest rates that are higher and you will want to reduce the debt on the ones with the highest interest rates first. It might even be necessary to get a low interest credit card to help you to do this.