5 Starting Steps to Managing Credit Card Debt

Credit card debt can be easy to acquire, difficult to manage, and what seems like impossible to get rid of.

In a way, credit card debt management is a skill. There are many variables that go into managing credit card debt. This forum will focus on the relationship between income management and credit card debt.

Here are 5 simple ways to help you manage credit card debt whether you are new to having a credit card or have existing credit cards.

We are told that we need credit cards because they build our credit. The reality is they can also hurt your credit which is why we need to develop and build these debt management skills.


We understand this topic is confusing for many and simple for others. We want to ensure you we will be continuing to dive deeper into each of the concentrated topics you see on the VentureVeterans.org website and YouTube channel. As we continue to grow as a company our goal is to match our content with your concerns and feedback.

When we develop processes to track exactly what we spend money on and when it becomes reality and is easier to understand. This will also give you an idea of where you can save money. In the future we will be developing templates to better assist you through this process. Stay tuned.

Whether you have a spending problem or not, if you still need assistance managing your credit card debt, let's get started!


Never use a credit card to pay off another credit card.

We wouldn't do this even as a last resort because this can create more problems than solutions. This decision is up to you and is often a suggestion if it is packaged with a lower interest rate or an appealing offer for a balance transfer. Rather than using more debt to solve our problems, we want to create healthy spending habits and financial stability. When you have established good habits with one credit card, that is a good time to apply for another one.

Leave a comment below to share your experiences with this situation.


If you do not have a source of sustainable income avoid adding additional debt at all costs. Sustainable income allows you to assume the amount of money you will be making in the future. Leave the "I'll pay it off when I make more money" attitude behind and try a proactive outlook instead.

Sustainable income gives us the opportunity to project our future investments and set up comfortable payment plans that exceed the minimum requirement. Further down the road these habits eventually lead us to the end goal of financial independence.

Without sustainable income we get into bad habits like only paying the minimum payments, or not paying them at all. If you already have a source of sustainable income, the next tip will work wonders for you!


Make it a habit to pay your monthly incurred debt off within the same month. Even if you have 5,000$, 15,000$, or even 30,000$ in credit card debt, set this goal before you work on paying your debt off. A suggested method is taking your interest charge, minimum payment, and expenditures within any given month and making this your personal minimum payment goal.

Once you have this number, this should be your minimum payment each month rather than what the bank creditor requires. If you can't pay this amount, we suggest looking at your finances and trying to lower this overall amount

If this number is high, you have a couple options: You can make more money to keep up with your lifestyle, or you can humble yourself and limit your spending.


Don’t use a credit card if you don’t have the money.

The reality is that some of us do not have a choice at one point or another and dig ourselves into a hole where we struggle to make minimum payments.

A dollar today is more valuable than a dollar tomorrow, this is called inflation. Like the value of your dollar, your debt also increases day by day. This creates ongoing debt and a continuous cycle more difficult to manage than living paycheck to paycheck.

With the right tools, and the right mindset you can see some seriously positive results in a short amount of time. If this is your current position, we hope that we can help you improve your financial wellbeing in our future videos and forums.


Be aware.

My personal favorite is being aware of all of your debts. Figure out your interest rate fees, minimum payments, and late fee penalties. You should know what you owe, who you owe, and when to pay it. If you compare your minimum payment to your interest rate fee you can see what is actually going towards your debt. Knowing these numbers should strengthen your ability to have healthy credit card management skills.


For debt management strategies, check out our forum on the debt snowball vs debt avalanche or our YouTube video on it here.



We will be following up with more helpful information in the future and will be basing our content on your comments so Don't forget to leave us some feedback!

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