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What is the best way to reduce credit card debt? |
What is the best way to reduce credit card debt? Negotiate with the creditor to lower your interest and ask for forgiveness of late fees etc that they might have charged. I have had late fees forgive a couple of times just for the asking. Negotiate with every credit card you have, once you get a card witht he lowest interest transfer all balance to that card or as much as you can into that card. Pay the card with highest interest rate first. As soon as you pay it off, cut that card off and thrwo it in the trash. RINSE and REPEAT At the end you will have one credit card left and pay that off. All this while you MUST refrain from using credit again or else it will not work. Cash your paycheck and use cash/debit card for all your expenses. Make a list of things you purchase every month and find out where you can cut cost. Don't goto movies for a year, dont eat out, buy generic groceries, skip vacation and take double pay. The best is use your tax refund to pay off your debt. Since you are used to living without that money as soon as you get your refund before you spend it pay it all into your highest interest credit card. Good luck. First, cut up the card(s) you have so you don't add anything to the debt that you already have. If you absolutely must keep the card, freeze it in a block of ice, or at least leave it at home when you go shopping. This way, you'll have time to think about your purchase before you make it. Next, start paying it off! If you can, pay more than the minimum every month - this will not only help you pay off the actual balance, but will also cut down on the amount of interest you pay in the long run. Last but not least... use cash! EVERYWHERE! Studies have shown that using cash is a lot more emotionally traumatic to a buyer than swiping a card. If it's more painful to spend that hard-earned money, you won't be as tempted to do it :) Good luck! Theres no magic pill other than winning the lottery, but the best path to reducing debt is as follows: Try to consolidate your debt into one payment a month with the lowest interest rate you can find.. Make that one payment what you were paying to all your creditors combined. Try to make more money at your job (more hours, 2nd job) Its not easy to do, but if you get into a routine, you will start to see it go down.. Cut your cards up Check out SuzeOrman.com for good rates, and more tips... She's not as much as an informercial as she first seems... Shes actually pretty helpful.. |
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