tips for paying off credit card debt

tips for paying off credit card debt

Do you have outstanding balances on your credit card statement which have been hanging around for a long time? If yes, you are advised to take prompt action to overcome your debt issues the soonest possible. Never try to drag the repayment process as the outstanding debts can ruin your life financially and emotionally. The inability to get rid of your bills can lead to bankruptcy and even foreclosure.

Here are some practical tips that you should refer in order to get control of your finance.

Tip No.1

The very first step you should take is assessing your financial status carefully. You should review all your finances and find out how much exactly you owe. Then work out your monthly budget so that you are able to know how much money left in your account after deducting all the monthly expenses. Based on the amount, you are then required to calculate how long the duration is to pay off your credit card debts if you pay the specific amount monthly.

Tip No.2

If you don’t have any idea how to manage your debt, you are advised to seek financial assistance from professionals. Look for debt management companies or browse through the internet to look for free advice on debt elimination. If you have friends or family members who have successfully overcome the debt problems, you are advised to refer to their successful methods.

Tip No.3:

How many types of debts do you have? If you have multiple debts, you are suggested to stay focused on one debt at one time. Get a part time job in order to earn extra income so that you can pay off your debts one by one gradually. Besides, you should request from your creditors to reduce the interest rate of your debts. By doing so, you will definitely save some costs.

Tip No. 4:

Bear in mind that you can’t become debt free overnight. You need patience and determination in the process of eliminating debt. Save as much money as you can so that you can utilize it to pay off your debt in a faster pace.

The tips mentioned above are proven ways to reduce credit card debts. In order to have a balanced financial life, these are the essential steps you should follow. When you are in very low morale, try to imagine how good your life would be if you don’t have any debt. Strive hard to move towards your goal.

How would you rate this credit?

have two car loans out, one for 2600 and one in the neighborhood of 3000 and they are down from 6400 and 5000 dollars;
paid off a 1,000 loan
has apartment
is 21 years old
has outstandiing credit card debt of 3500 dollars and a 1700 dollar student loan
makes all payments on time
has had credit established for 2 years
makes all payments on time
what do you think and do you have any tips/suggestions?
thanx
SO THAT’S A LOT OF DEBT?

that you are 21 years old and have a debt totalling almost $10,000 no idea of your income… or the credit card limits…. but likely at the top…

all these even with good payment history can lower your credit score….. it is best to have credit but keep it within the bottom 5-10% leaving the remaining 90% of your limit unused….can raise your score by 50 points

instead of establishing more debt, i suggest you save money….think of that good deal that you got at the store… the dress for $70.00 after you mingle it with other debt and it takes about three years to pay off it will likely cost you closer to $150 or more because of interest…was it worth having…..only use credit for emergencies…..and why do you need two cars if you can only drive one????????

my suggestion to you is to watch the Suzy Ormon show…she is on weekly, kind of flambouyant but has amazing credit advice and financial advice…very caring and personable…she even does seminars throughout the country

good luck

yes, that is a lot of debt… remember this… having a lot of credit cards sent to you with high limits doesn’t mean you have good credit…it only means that your credit was sufficient to present you the card at the time it was offered, before you spent up all the money…..

never, never, never, and i repeat never calculate how much money you make and if you can afford further payments on debt……as soon as you do this you are on the way to debt collapse…..it took me twenty years before i learned this and 7 years to recover from it….(but i had good credit…..) and no money cause it all went to bills for things i no longer had or used, things i bought on a whim cause i could use credit….

Debt Management Tips : How to Get Out of Credit Card Debt