No one likes having credit card debt to pay off. The interest rates are high, and often the money was spent so long ago that you can’t even remember what you got with it. Some people only have one card, while others have upwards of 10 or more. Having that much credit card debt can leave you feeling frustrated, anxious, and defeated. Don’t get hopeless just yet. There are some simple solutions that can help you get out of debt faster and give you room to breathe.
Negotiate Your Interest Rates
High interest credit cards can suck the life out of you. When you’re paying $200 a month and $149 goes to interest, it feels like the debt will never end. You can check out what your situation is, all you need to do is find an interest payment calculator online and plug in your numbers. It turns out that if you’ve paid your credit card on time for at least a year and you aren’t behind on any payments, that most credit card companies are willing to negotiate that high interest rate.
If you want to make more progress on your balance, you can easily do it while still making the same payment if you just get on the phone. You’ll probably need to talk to a supervisor, but it doesn’t hurt to ask. Some credit cards will put the adjusted rate on your account for 3-6 months, and if you want to continue with that rate, you just need to call again.
This can save you thousands of dollars per year in interest and help you pay off those cards faster.
Get Professional Help
Legal help can be a lifesaver when you’re drowning in credit card debt. There are strategic consulting firms who specialize in helping people who are behind on their debt, have debt that’s gone to collections, and need the help of a qualified lawyer. Not only can they help you come up with a good debt pay-off plan, they can also help you navigate any tricky legal situations. They can assist you in getting out of debt sooner and in lowering your monthly payments.
Consolidation Loans
A word of caution on these, if you use one to pay off high interest credit card debt, cut up the cards, and don’t use them anymore. It would be a shame to end up with double the debt because you didn’t change your habits. These loans can often help you put all your credit card debt in one place, lower your monthly payments, and get you out of debt faster.
Pay Extra each Month
Paying just your minimum payment won’t get you anywhere very quickly. Even just an extra $50-$100 per month can help you get those balances down pretty quickly and save you a lot of cash in the long run.
How to make an extra $100/month
You can make that much extra each month by selling your extra things on Facebook Marketplace or Craigslist. You can also do something like Uber or GrubHub to earn an extra $10 or more per hour. You’d only have to work an extra 3 hours per week to get that extra income. Additionally, there are plenty of part-time job options that can easily make you $100+ per month.
How to save an extra $100/month
How many things do you subscribe to? If you have Spotify Premium, Netflix, Hulu, Amazon Prime, and you get untold numbers of subscription boxes, maybe it’s time to say goodbye at least temporarily. Cutting out these excess expenses from your budget can help you save a lot of money. Another option is to renegotiate your insurance rates for your home and automobile. With just a few small tweaks, you can definitely save $100 or more to put toward that pesky credit card debt.
Stop Using Them
Okay, this may seem obvious, but the best way to reduce your debt is to no longer add more to it. Get on a good budget and live within your means so that you stop adding more to the debt load. Cutting up the cards is one thing people like to do to make it more difficult to use them in person. Even though people will justify it by telling themselves, “I’ll pay extra on it this month”, most likely this will never happen. You’ll get out of credit card debit much faster if you learn to live life without them.
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