Dealing with high balances on credit cards, however, doesn’t have to be a life sentence. In fact, there are a few, simple tips that can have you waving good riddance to those credit card balances, once and for all:

• Pay more than the minimum – Paying just the minimum on your credit cards will surely ensure that you will be spending the bulk of your future paying them off. Even paying just a small bit more each month on your balances will greatly reduce the time you will spend repaying them. Aim to pay double your minimum payment each month; if you can’t swing that, make yourself a promise to pay at least 20 percent more than the minimum balance.
• Make a plea to your credit card company – If you have been a solid customer and have always paid your bill on time, then you will likely be able to swing a lower interest rate on your credit card. Luckily, all it takes is a phone call, so you have nothing to lose! Plead your case for a lower interest rate and you may be very surprised to find that your creditor is willing to comply.
• Don’t bet on rewards programs – Rewards-style credit cards are for individuals who pay their credit cards off each month; they are not designed to benefit those individuals who carry a balance. After all, any type of rewards you may be earning will be quickly erased when you consider the finance charges you pay each month. Instead of hanging onto rewards credit cards, which often come with higher interest rates, switch to a no-frills credit card with a low, fixed interest rate.
• If in doubt, cut it up – If you are having difficulty managing your credit, the very best thing you can do is simply cut up your credit card. Then, work on paying it off.

If so, then it may be time to consider contacting your credit card company and asking them for payment assistance with your credit cards. Often times, a creditor will respond positively to a customer who recognizes a problem and chooses to deal with it before it gets out of hand. In other words, dealing with your debt problems head on instead of ignoring your mounting debt is not only better for you, but also better for your creditors.

But will your creditor bite?

Maybe and maybe not. There are some credit card companies who simply will not negotiate different payment terms for your credit card bill, while others will work with you to find a plan that will suit both parties. The only way you can find out how your creditor will respond to your request is to simply ask them. After all, you really don’t have anything to lose except a lot of worry over your debt load.

How to Negotiate Changes for your Credit Card Debt:

• Don’t wait until you fail to pay your credit card bills to ask for assistance; instead, make every effort to cover your card’s minimum payment so that you can show good faith on your part. Your creditor will be more willing to negotiate with a customer that has a strong payment history.
• Document all contact you have with your credit card company, including dates and times of phone calls and names of representatives you talked to. Then, ask for a written agreement from your credit card company that details the terms of your new agreement.
• If your credit card company is unwilling or unable to assist you with coming up with more reasonable repayment terms regarding your credit cards, you should seek help through a nonprofit consumer debt agency, who can help you find ways to manage your debt.

Many credit card companies are beginning to send out notices to customers regarding changes in their accounts. Mainly due to the changes taking place because of the new credit card regulations, credit card companies have started sending out notices detailing changes in interest rates, fees and other terms and conditions.

For many credit card customers, these notices are little more than an inconvenience, filled with difficult-to-understand language that really doesn’t affect how they spend on their credit cards. But in reality, these notices can contain very important information that many greatly affect how credit card customers handle their credit card spending.

The federal Credit Card Accountability, Responsibility and Disclosure Act of 2009, which is set to take effect on February 22, 2010, includes sweeping restrictions on everything from interest rates to over-the-limit fees.

Changes to look out for:

• Annual Percentage Rate (APR)- Your card issuer can raise your interest rate, but can only do so if they give you at least 45 days notice of your rate increase. Many times, individuals do not take time to read their credit card notice, thereby catching them off guard when they notice that their rate has increased. It is therefore in your best interest to check your statement each and every month so you can be aware of any changes in your card’s APR.
• Minimum Payments – If you have different APR on different balances on the same card, your creditor is now required to apply any payments over the minimum payment to the highest rate APR. Now is the time to add more money to your credit card balance each month.
• Over-the-Limit Fees – Over-the-limit credit card fees are now being highly restricted by the new credit card legislation, which is good news for consumers. However, as a result, many creditors are therefore declining transactions that exceed your credit limit, so remain aware of your credit card balance at all times.

1. Forget about your budget – One of the easiest, most surefire ways to get yourself into deep credit card debt is to spend like you have no budget. Many individuals, with a credit card in their hand and a hefty credit card limit, are likely to overspend. This is because a credit card can quickly give individuals a false sense of wealth and security when, in reality, it is debt that they simply cannot afford to pay off. Making a budget and sticking to it is often a great, first step in reigning in your credit card purchases and keeping your mind realistic about your expenses.
2. Pay only the minimum payment – It may be incredibly tempting to pay on the minimum payment each month, but that will get your credit card debt nowhere fast. The best case scenario is paying off your credit card debt in full each month; however, if this isn’t possible, make it a point to pay more than the minimum payment so that you are paying on the principal of the loan, and not just the interest.
3. Make your payment late – Making your payment late is a great way to plunge yourself further into debt! From late payment fees and increased interest rates to a drop in your credit score, making late payments is, without a doubt, the best way to ensure that you will remain in credit card debt.
4. Take out cash advances – Cash advances are sneaky little conveniences that end up costing big in the long run. First of all, cash advances come with their own, higher interest rate than standard purchases. Second, they raise little red flags with your credit card company that you may be desperate, thereby often signaling a drop in your credit score and an increase in your credit card interest rates.

Instead of simply listening to financial advisers tell you that you should pay off your credit card balance, it may be best to start with strategies for managing the balance you currently have. The truth is that most of us would prefer not to have a credit card balance, but because this may simply not be reasonable for some individuals at this time, arming them with the tools necessary to handle their credit card balances may be a more logical step in the credit card process.

1. Check the due date – every time.

It is important to remember that the credit card company can change the due date at any time. The credit card company may also shorten the length of time in which you have to pay your credit card bill, so always check this due date every time you receive your monthly credit card statement.

2. Pay far enough in advance to account for processing and mail delivery.

Don’t get caught with late payment charges because your payment didn’t make it in time. Instead, always allow at least a week for your payment to arrive to your credit card company when sending it through the US Postal Service. Add a day or two if a holiday is approaching, as well.

3. Consider online bill payment services.

If sending your credit card payment through the postal service makes you nervous, then consider online bill payment services. Many credit card companies have this service on their website and you may also pay your bill through your bank’s online bill payment service.

4. Always pay at least the minimum.

Regardless of your budget or financial position, it is imperative that you always, at the very least, pay the minimum balance on the credit card. It is simply not worth a damaged credit score and credit card fees.

5. Pay more than the minimum, when possible.

First, the bad news: you will get nowhere fast paying just the minimum balance every month. Now the good news: if you pay just a small amount more towards your credit card bill each month, you could enjoy saving hundreds, if not thousands, of dollars in interest payments over the years.