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Tips to Get Out of Credit Card Debt

Credit card bills can actually weigh you down but the good news is that you are able to get out of them successfully. For you to achieve the goal of having a debt free life, all you will need to have in place is a plan. Here we have ways that you can actually do this. The first thing that you can do is target just one card first. If you are carrying balances on multiple cards, it might take you a while before you are able to clear them all. This is why it is advisable that you set your financial goals into short and long-term ones so that you feel as though you are achieving something. Since you are getting a card at a time, you can get the ones with the highest interest rates and paying them off first.

Ask your creditor to lower the interest rates for you as the next tip. All you might need to do is make a phone call to the issuer and get the rates reduced. This request will need you to have a great credit score and if you make the payments on time, you will actually get the interest rates lowered. Transfering your balance to another card is the option that you have but this needs that you be extra cautious. The card that has the lowest interest rate will be the best for you to transfer the rest of the debt into. However, it is advisable that you only do the transfers if you are sure that you will off all the debt.

If possible, use a peer-to-peer lender. Peer-to-peer lenders are the best option if you are sure you are going to struggle to pay off the debt or not be able to pay it in full. Most of the credit cards charge a higher interest rate than the peer-to-peer lenders and their loans are still secure. Two minimum payments in a month could also allow you to be debt free if you are committed.

If possible, pay off the debt as soon as possible because the interest is charged daily by the lenders. Pay the minimum due each month then make the same payment two weeks later. Keep doing this until the whole debt is paid off and you can easily keep track of the payments on your calendar. You can also keep the debt in check if you track all your costs. There are fixed expenses like your utilities and mortgage payments as well as the variable ones that you must keep in check by putting them down on paper. If you do this, you will be able to stay on track with your budget and prevent you from getting more debt with the credit cards.

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