It’s not easy for the average person to reduce credit card debt, but it doesn’t have to be difficult, either. There is plenty of information on the internet, including resources and services, to help individuals, families, and even businesses. You might not have to do anything as drastic as file bankruptcy – as there are several other solutions. The best solution for you depends on how much money you owe, interest rates, and other factors involving your personal financial situation.
Here are a few things that you might want to try:
• See if it is possible to negotiate a lower interest rate on any of your cards. Even if it’s just a small percentage, you could end up saving hundreds. Sometimes all it takes is a polite request via mail or phone call.
• If you’re not confident that you’ll be able to handle everything on your own, get a free consultation from a service that will help you reduce credit card debt by determining the best solution for you based on your own unique financial situation. Some basic services are free, and more extensive ones might cost a fee – but are still worth the investment since they can help you pay off your debts in a quicker amount of time at lesser rates.
More Ways to Reduce Credit Card Debt
• Start tracking costs if you’re not already doing so. This includes even the .99 soft drink or cheap cup of coffee you buy at a trip to the store. Keep track of all of the credit card payments, mortgage payments, and every last bill. This will help you get started with your budget.
• Reduce credit card debt by cutting back on some of your unnecessary expenses. You don’t have to completely cut things out of your life – it’s okay to still buy the occasional snack and enjoy entertainment. Just try to cut back as much as you can. Do little things around the house to save as well, such as not running the water as much or changing the thermostat by a couple of degrees.
• Stop using the cards! Only use cash or your debit cards for now on. If you haven’t been using your credit cards, then you’re already off to a good start. Every little purchase you make with one will just be even more debt and interest you’ll have to worry about.
Once again, it’s a good idea to have some level of professional assistance and support when trying to reduce credit card debt. CuraDebt is a good organization to start with, and you can easily get a free consultation and estimate whenever you’re ready to get started.