Getting into serious debt is easy, but getting out of debt is way more difficult.
This is from a viewpoint of a work at home mom who was once loaded with $23,321 credit card debt.
If you are also one of the many people in credit card debt looking for a way out, there is hope! You can be debt free by following the helpful tips that I have been using to pay down my mounting debt from $23,321 to $12,916 in one and a half year.
1.
Work Out Exactly How Much You Owe.
If you want to eliminate your credit card debt, you must know exactly how much debt you owe.
2.
Cut Down on Credit Cards.
Keep one or two where you have still got a bit of good standing and then shred or transfer the rest of the credit cards.
You should not however, cancel any of your cards, as this will have an adverse effect on your credit rating.
3.
Negotiate a Lower Interest Rate.
Call the credit card companies and negotiate a lower fixed rate for the lifetime of the balance or just reduce the interest rate.
Every credit card company will sacrifice something to get their outstanding back, and most of the time they will plan a good repayment deal for you.
Once your credit card interest rate is lowered, you pay less finance fees.
Thus, a larger portion of your monthly payments will help reduce the outstanding balance.
4.
Cut Your Expenses to Save Money.
Examine areas in your household expenses where savings can be made.
Use the money saved from the expenses to pay off your credit card debt.
Even if you only pay an extra $50 a month along with your minimum payment due, you will be $50 less in debt.
5.
Pay Extra Each Month on One Credit Card Debt.
Start with the smallest debt and make a plan to pay it off.
Once that balance is paid off, start on the next balance.
Make the same minimum payment due plus the amount you used to pay off the other account.
You will then repeat that process for any other debt you may have.
Getting out from underneath too much debt is a long process but it is possible.
As long as you take one smart step at a time, you can pay down your credit card debt!
This is from a viewpoint of a work at home mom who was once loaded with $23,321 credit card debt.
If you are also one of the many people in credit card debt looking for a way out, there is hope! You can be debt free by following the helpful tips that I have been using to pay down my mounting debt from $23,321 to $12,916 in one and a half year.
1.
Work Out Exactly How Much You Owe.
If you want to eliminate your credit card debt, you must know exactly how much debt you owe.
2.
Cut Down on Credit Cards.
Keep one or two where you have still got a bit of good standing and then shred or transfer the rest of the credit cards.
You should not however, cancel any of your cards, as this will have an adverse effect on your credit rating.
3.
Negotiate a Lower Interest Rate.
Call the credit card companies and negotiate a lower fixed rate for the lifetime of the balance or just reduce the interest rate.
Every credit card company will sacrifice something to get their outstanding back, and most of the time they will plan a good repayment deal for you.
Once your credit card interest rate is lowered, you pay less finance fees.
Thus, a larger portion of your monthly payments will help reduce the outstanding balance.
4.
Cut Your Expenses to Save Money.
Examine areas in your household expenses where savings can be made.
Use the money saved from the expenses to pay off your credit card debt.
Even if you only pay an extra $50 a month along with your minimum payment due, you will be $50 less in debt.
5.
Pay Extra Each Month on One Credit Card Debt.
Start with the smallest debt and make a plan to pay it off.
Once that balance is paid off, start on the next balance.
Make the same minimum payment due plus the amount you used to pay off the other account.
You will then repeat that process for any other debt you may have.
Getting out from underneath too much debt is a long process but it is possible.
As long as you take one smart step at a time, you can pay down your credit card debt!
SHARE
