Credit cards are so convenient – until they’re not. When you don’t have the immediate funds to make a purchase, it is the simplest way to get what you want or need without a fuss. Yet taking too long to repay the balance in full or continually racking up charges, can eventually turn a modern convenience into a surefire headache. Late fees and collection costs get tacked on and before you know it, the creditors are calling you and every reference close to you to get things back up to speed. Finally, your credit history takes a hit and you’re scrambling to survive.
The only way out of this madness is to get those cards paid down – and fast. Is it possible to pay off hundreds or thousands of dollars in just a few months? The answer is yes. There are thousands of consumers who have managed to crawl out from under piles of credit card debt. Here are some effective and simple solutions.
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Contact Creditors – Communication really is key when it comes to dealing with outstanding debt. Although credit card companies want to collect their money, they also understand that life happens and are often willing to work with their customers to get back on track. So, your first step would be to reach out to them, find out what is owed and what can be done. Ask about removing late fees and other penalties and perhaps reducing the interest rate so your payments count towards the principal balance.
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Double Up on Payments – Minimum payments only do enough to keep your credit history from being ruined. In most cases, the payment only covers the interest and a small amount of the principal balance. Instead of paying the minimum once a month, double up on payments. This would mean that you’re making 26 payments instead of 12 a year which would get the balance down faster.
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Borrow the Money – If your credit card balances are so high that you’re on the verge of having a closed or collection account, perhaps borrowing the money from another source could help. You could apply for an online installment loan of up to $1250. Use those funds to apply to your credit card balance and then repay the loan in installments that are more affordable.
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Sell Some Things – Everyone has items around the house that they really don’t use. These things could be of value to someone else. Whether it’s a junk car, old cell phone, jewelry, clothes, shoes, furniture, or toys, there is a market for it. You can sell to service providers like auto recyclers and pawn shops, host your own yard sale, or ask a neighbor who has yard sales to sell your things for you at a low rate. This money can then be applied to your credit cards.
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Work Online – There is a lot of money to be made on the internet. In your spare time, you can get paid to answer surveys, read emails, review products, write blogs, and a bunch of other things. Look for side gigs online and use all the earnings from it to pay down your balances.
More than half the country is inundated with credit card debt. If you happen to be one of them, there are things you can do to resolve the matter. If you want creditors to stop calling you, you’ll need to reach out and then start making a plan of action to pay down those balances. Increasing your income, getting rid of things you don’t want, or borrowing the money, are all simple solutions that have helped thousands of consumers to become debt free one card at a time. If the debt is too big, looking into other solutions like debt consolidation, credit counseling, and even bankruptcy may be necessary.
