How To Get Rid Of Credit Card Debt
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- If your credit rating is good, and you are a long term customer with the firm, then you will have even more bargaining power, but either way it is always worth an ask.
- This ensures that you pay back the minimum in interest, and creates a snowball effect that helps you to eventually clear all of your credit card debt.
- Keep up the hard work, budget well, cut your spending (especially on credit cards) and keep plowing the money back into paying off your debts.
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You want to get rid of your credit card debt. Step one is to stop spending on your cards. More spending equals more debt, and is only going to make your situation more difficult. Many people find it easiest to cut their credit cards so as to avoid the temptation altogether. If you are to get out of debt you need to focus on the outstanding credit that you have already. Ask Provider To Reduce Interest Rates Many people are aware of the possibility of transferring their credit balance over to low or no interest credit cards. This can be a viable way to reduce the interest on your debts, but on many occasions it comes with a catch; balance transfer fees that can be high in a lot of cases, especially if you have a lot of debt, or debt from multiple lenders. There is another way. Not many people know about it, and it is simpler than you would think. Credit card providers will very often lower interest rates if you phone them up and ask them. Credit is a very competitive industry, so be aware that you are a valuable customer, and that you could easily walk away and shop somewhere else. If your credit rating is good, and you are a long term customer with the firm, then you will have even more bargaining power, but either way it is always worth an ask. You could well get a percentage or two shaved off the interest, and this can be significant, and should be put towards paying back the actual amount owed. Budgeting You should also take a look at your budget, and analyze your income, outgoings, and How your debt weighs up against them. Make as many strict cuts to your outgoings as possible, especially where leisure and optional costs are concerned. You will have to make sacrifices in order to plough more money back into your debt repayments. If you can think of any ways to earn more income then that will help too. The idea is to free up as much money as possible to put towards credit card repayments. Get Beyond The Minimum If you only ever pay back the minimum required monthly repayments then you will often barely be paying back more than the interest on your credit cards. This is a sure way to stay in debt for a long time, and to pay back a fortune in interest, without really paying back the borrowed money. You have to get beyond the minimum repayments if you are going to get rid of your credit card debt. Repayment Strategy The optimal repayment strategy involves targeting the most expensive credit card, i.e. the one with the highest interest rates. You pay the minimum on all other cards, and focus the bulk of your repayments on the one card until it is paid off. Then you do the same again, and focus on the next most expensive card. This ensures that you pay back the minimum in interest, and creates a snowball effect that helps you to eventually clear all of your credit card debt. Keep up the hard work, budget well, cut your spending (especially on credit cards) and keep plowing the money back into paying off your debts.
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