How to Reduce Your Credit Card Debt on Your Own
Credit card debt can grow like a mountain on your shoulders and it's hard to know if it will ever improve .
Learning how to take care of credit card debt is the first step to gaining financial freedom.
If you are only able to make your minimum monthly payment , you'll never get out of debt .
Making the minimum payment will not pay towards the principle, and it probably won't cover the interest.
Unless you reduce credit card debt, or make more money, you will never lower your credit card debt.
The first step to getting out of credit card debt is to stop making it.
You have to completely stop using your credit cards, or the mass of debt will keep growing .
Keep the card that has the lowest interest with you in case of emergency and rid yourself of the rest .
Cut them up , put them underneath your stove, or behind the exercise equipment you never use, any place that you won't want access them.
Are your credit cards under the yoga mat? Good, we can start .
Gather Your Debt Take all of your bills and jot down what the interest rate is on all of them.
The highest interest rate credit cards are the ones that get paid first .
If you have to make the minimum payment on the lower APR cards to focus your funds on the high ones, take care of it .
If you don't get the high interest credit cards under control, the debt that you owe will rise faster than you can open the bill .
Lowering credit card debt is about taking care of what debts are burning you the fastest.
It's an even mix of prevention and taking action .
Prevent debt from getting out of hand , and take action to pay them down.
Negotiate Your Interest If you have APR on credit cards higher than 14% (who doesn't?) you can contact the credit card company or bank and speak to them about reducing your interest rate.
This doesn't always work, and the success rate grows with the interest rate.
There are a few angles you can try to shmooze them over.
Don't be afraid to put on the Hollywood show here, it's your money and you have to be willing to take a risk to save it.
You can share with them that you received a better offer from a different credit card company and are considering transferring your balance over there.
They want to willing to negotiate to keep your business.
Another option is to be totally honest with them.
You can tell the credit card company that you're having a hard time making your payments and see if there are any other offers that they can make .
They prefer to get a small money from you, rather than you default, even if it means a lower interest rate .
Learning how to take care of credit card debt is the first step to gaining financial freedom.
If you are only able to make your minimum monthly payment , you'll never get out of debt .
Making the minimum payment will not pay towards the principle, and it probably won't cover the interest.
Unless you reduce credit card debt, or make more money, you will never lower your credit card debt.
The first step to getting out of credit card debt is to stop making it.
You have to completely stop using your credit cards, or the mass of debt will keep growing .
Keep the card that has the lowest interest with you in case of emergency and rid yourself of the rest .
Cut them up , put them underneath your stove, or behind the exercise equipment you never use, any place that you won't want access them.
Are your credit cards under the yoga mat? Good, we can start .
Gather Your Debt Take all of your bills and jot down what the interest rate is on all of them.
The highest interest rate credit cards are the ones that get paid first .
If you have to make the minimum payment on the lower APR cards to focus your funds on the high ones, take care of it .
If you don't get the high interest credit cards under control, the debt that you owe will rise faster than you can open the bill .
Lowering credit card debt is about taking care of what debts are burning you the fastest.
It's an even mix of prevention and taking action .
Prevent debt from getting out of hand , and take action to pay them down.
Negotiate Your Interest If you have APR on credit cards higher than 14% (who doesn't?) you can contact the credit card company or bank and speak to them about reducing your interest rate.
This doesn't always work, and the success rate grows with the interest rate.
There are a few angles you can try to shmooze them over.
Don't be afraid to put on the Hollywood show here, it's your money and you have to be willing to take a risk to save it.
You can share with them that you received a better offer from a different credit card company and are considering transferring your balance over there.
They want to willing to negotiate to keep your business.
Another option is to be totally honest with them.
You can tell the credit card company that you're having a hard time making your payments and see if there are any other offers that they can make .
They prefer to get a small money from you, rather than you default, even if it means a lower interest rate .
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