Sick of your Credit Card Bill? These four tips should help you get the balance cleared as soon as possible

Your credit card can be your friend or your enemy, depending on how you use it. For example, if you spend sensibly and always repay your monthly bill in full, then you can enjoy up to 59 days of interest-free credit.

Sadly, most of us often spend too much and cannot afford to clear the balance in full each month. Once your credit card balance becomes a multiple of your monthly income you are in trouble. It can be tempting to pay just the minimum balance each month but this is just a long road to nowhere.

However don’t despair. Here are five ways to deal with your credit card debt.

1/ Play by the Rules

If you go over your credit limit, miss a repayment, or fail to pay on time, then you have broken your card's terms and conditions. As a punishment, your card provider will charge you a fee, typically €15 for each and every offence.

Therefore, it's vital to ensure that your monthly payments are on time. The best way to do this is to set up a direct debit for at least your minimum monthly repayment. Then you can top up the minimum payment with extra payments when you can.

2/ Scrap your payment protection insurance

Credit Card Payment Protection insurance is one of the biggest rip-offs ever. Some payment protection policies like Mortgage Payment Protection can be worthwhile, however avoid Credit Card Payment Protection at all costs; it’s just a money spinner for the credit card companies and an extra cost you can do without.

So, unless you're claiming on your policy, or expect to lose your job any day soon, then cancel your cover and put the saving towards reducing your debt.

3/ Get a 0% balance transfer

Even with the credit crunch in full swing there are still credit card providers offering 0% balance transfer deals. You should get your balance transferred to a 0% card as soon as possible and use the 0% introductory rate time period to get as much of the balance paid off as possible.

4/ Avoid minimum monthly repayments

If you are paying just the minimum balance each month then it will take you forever and a day to clear your debt. This is because the minimum monthly repayment taken by most credit cards is a very low percentage of the monthly balance.

In the current economic climate it is easier said than done to pay over and above the minimum payment each month. However no matter how tight things are you have to work on reducing the balance and above all else stop spending on your card.

Finally, remember that a credit limit is not a credit target. It can be a good idea to reduce your credit limit as you reduce your balance but ultimately your target should be to get your balance to zero as soon as possible.