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Tips and Tricks to get out of Crushing Credit Card Debt

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Today’s post is a guest post from Michelle. She is a freelance writer that likes to write about finance topics, and today is going to discuss some ideas in how to get out of credit card debt. You canfinderher online at @financeport

We can’t deny the fact that the new generation is burdened with credit card debts. It is because not everyone can understand and use credit card and keep a track of changes of finances. And if you are one of those who is being burdened with credit card debt and thinking endlessly how to pay this off? Here are some useful tips which could help to get out of credit card debt.

  • Always make cash payment: cash payments should help keep your expenses within your limits, one of the best ways of getting out of debt is to limit your expenses and spend less than you earn.
  • Stick to a pledge: take a pledge on your expenses and try not to cross it even if you are too tempted to spend over something that is not needed.
  • Deal with unnecessary fees: try to manage, eliminate and avoid unnecessary fees or penalties.
  • Pursue extra sources of income: try for additional sources of income which can provide you with easy and fast income, for example: organising a garage sale.
  • Stop using any credit cards: don’t use a credit card if you can’t control your expenses, put your credit card in storage or cut it into pieces.
  • Opt for a low interest loan in the time of an emergency: go for low interest loans like a payday loan, when you are in an emergency and need money urgently.
  • Do long-term financial planning: find out the cost of your credit cards and try to eliminate the amount you owe others. Make a proper plan to eliminate debts and start working on that immediately.
  • Make use of a debt consolidation strategy: this debt management technique turns your high interest credit card debt into a low interest loan. Go to nearby debt management firm and ask for debt consolidation guidance. The benefit of this technique is that you will have a longer repayment period and much lower payments.
  • Debt settlement: it is the substitute for bankruptcy, when you have tried all the ways to get out of your credit debt but still don’t see any progress then you can opt for settlement with your credit card company. You can offer them some part of the amount you owe instead of all of it for a specified period. For this, you and your credit card company have to negotiate and settle for a particular amount.
  • Take advice from pro: ask for assistance from a good financial counsellor. They can create financial plan for you using which your entire debt could be cleared off.

 

 

The post Tips and Tricks to get out of Crushing Credit Card Debt appeared first on Another Day of Life.


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