There are few options that match the convenience of making payments the way credit cards do. But it has a high cost attached to the convenience in the form of huge monthly bills. There are more and more people in credit card debt, who find that dealing with it is not as simple as one might imagine. Good thing there are things one can do to avoid such scenarios. There is an urgent need to get people off credit card debt.
The best way is to keep off credit cards. This is as simple as it is hard for most people to do. Its convenience has made it difficult for most people to stop. Cash payments should become the new norm. Cash is also great at making it clear how much you are spending, which can help you cut back on the habit.
You need to come up with a budget. Make it a realistic one and in writing. You need to write down your exact monthly income and all the expenses you incur therein. This will make it easy for you to know the things that use up your money. You can then decide which things you can do without, and which ones deserve your hard earned cash. That should leave you with some to pay off the credit card debt.
Check to see which one of you cards has the highest interest rates. You then need to switch to the one that has the least interest rate. You then get rid of the others. You need to look at what different banks have to offer, and find the one with the most favorable terms. There are those how will accept a card balance from other banks. This makes payment for all those debts much easier for you, since you are dealing with lower rates.
Another way is to take all your balances from different cards and putting them as one debt. A way would be to take a short-term loan to settle all those credit card debts. You will be left with one debt to pay off, which is much easier to do than the multiple ones you were doing earlier. It is also simpler dealing with personal loans than it is attending to credit card debts. You are better off dealing with the lowered interest rates.
You may also opt to pay more than the expected minimum in a month. You will thus be getting rid of the expected payment amount faster. Interest rates are calculated against the overall amount owed. This way ensures that rate is kept minimal. This should encourage you to make double payments of what they told you was the minimum per month. There is no method that makes the debt disappear faster.
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