Lesser-known tips to cut credit-card debt

The economy seems to have perked up, with a bit more hiring, gradually rising wages and consumer confidence at a 16-year high.

Will it translate into increased savings, less personal debt and other signs of financial stability?

Hard to say, but some lesser-known tips and observations can make those goals more achievable.

Pay more than the minimum

Plenty of consumers pay only the minimum balance on credit cards — a behavior that tends to keep borrowers in debt longer, while accumulating more interest expenses. Most people who do this likely lack the money to make larger payments. But some might be confused by an appropriate payment amount based on how they interpret their monthly statements, according to researchers at the University of Pennsylvania’s Wharton School and the University of Illinois.

Their study focused on the psychological concept of “anchoring,” which describes situations where people focus on irrelevant or unimportant factors. Stock-market investors, for example, might base buy or sell decisions on a company’s 52-week high or low prices, when such prices often have nothing to do with the shares’ current values.

Similarly, anchoring could come into play on credit cards if borrowers focus on the minimum payment as listed on