If your credit card debt is unmanageable, you need to venture out options that will help get rid of the debt.
The magic word is negotiation.
Let us see a step by step procedure to eliminate your card debt.
The credit companies offer a lower APR for a stipulated period, for few billing cycles, to make the payment easy and affordable for you, e.
g.
: an APR of 3.
9% on a credit card with an original APR of 35%.
Most of the c cards charge somewhere between 15 to 20%, but there are indeed a few which charge as high as 30% or above.
Their business largely depends on the benefits they make from over due charges and late fees, but if the debtor is knee deep in debt and on the brink of bankruptcy, the banks are forced to plan alternatives to make them pay the loan.
List down the offers you get and speak to your credit card company, mention about the offers and validate if it is valid on your card.
At times the customer representative would be good enough to authenticate, but if not, try to speak to someone with authority.
It is important to convince them about your financial crunch but the willingness to pay off the debt.
Get the confirmation from the creditors in written.
Transfer your balance from high rate card to low rate credit card, which means, if you have credit cards with APR 10%, 18% and 30%, transfer the balance from the 30% APR to one with 10%.
This significantly reduces the debt you owe.
You can avail the debt consolidation loan to pay off the card debt.
However it is extremely important to abstain from any unnecessary expenditure.
No remedy would fix your credit card debt unless you plan a budget for yourself and prioritize your needs.
Cut down expenses wherever possible and try to pay off the debt first, any delay would keep increasing your credit card debt.
At times the creditors might not be convinced enough with your reasons and commitment to pay and then you might need the help of a professional.
If your credit card debt is over $10000 it is worth referring an expert.
Debt settlement companies have professionals who are adept at debt handling.
Their knowledge and expertise in debt can be utilized to eliminate the debt up to 50-70 percent.
This helps you pay off the debt in 2-3 years flat instead of stretching it for 30 years or so.
The magic word is negotiation.
Let us see a step by step procedure to eliminate your card debt.
The credit companies offer a lower APR for a stipulated period, for few billing cycles, to make the payment easy and affordable for you, e.
g.
: an APR of 3.
9% on a credit card with an original APR of 35%.
Most of the c cards charge somewhere between 15 to 20%, but there are indeed a few which charge as high as 30% or above.
Their business largely depends on the benefits they make from over due charges and late fees, but if the debtor is knee deep in debt and on the brink of bankruptcy, the banks are forced to plan alternatives to make them pay the loan.
List down the offers you get and speak to your credit card company, mention about the offers and validate if it is valid on your card.
At times the customer representative would be good enough to authenticate, but if not, try to speak to someone with authority.
It is important to convince them about your financial crunch but the willingness to pay off the debt.
Get the confirmation from the creditors in written.
Transfer your balance from high rate card to low rate credit card, which means, if you have credit cards with APR 10%, 18% and 30%, transfer the balance from the 30% APR to one with 10%.
This significantly reduces the debt you owe.
You can avail the debt consolidation loan to pay off the card debt.
However it is extremely important to abstain from any unnecessary expenditure.
No remedy would fix your credit card debt unless you plan a budget for yourself and prioritize your needs.
Cut down expenses wherever possible and try to pay off the debt first, any delay would keep increasing your credit card debt.
At times the creditors might not be convinced enough with your reasons and commitment to pay and then you might need the help of a professional.
If your credit card debt is over $10000 it is worth referring an expert.
Debt settlement companies have professionals who are adept at debt handling.
Their knowledge and expertise in debt can be utilized to eliminate the debt up to 50-70 percent.
This helps you pay off the debt in 2-3 years flat instead of stretching it for 30 years or so.
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