1. Call your credit card companies to and see if you can get your interest rate lowered. Every little bit helps here. If you have been making minimums for a long time, this may not work out for you. If you get denied, try making a few good payments and give it another shot. I have seen people get rates dropped by as much as 12%, and I often see them drop between 2-5%.
2. Remember your debt snowball!
3. If you are nearing bankruptcy and you owe a lot of money. Give them a call before going to any of those debt consolidation services. A lot of times they do more harm than good. This is normally easiest if you have missed consecutive payments on several credit cards. NEVER purposely miss these payments as they will hurt you in the long run, you are cheating yourself here. You can call to see if they will settle. Make a plan and present it to them. You have to be honest here and you have to follow through with it. A lot of companies will settle with you at a lowered cost because if you were to file bankruptcy, they will lose out on all that money. Anyway make your plan, tell them how much you make, all your bills, and how you plan to pay it off (and how much your monthly payments are). If you can do this properly you may save yourself a lot of money -- Good Luck!
4. I hate this option but sometimes you have to do it. Look for a card with a lower interest rate that will allow you to do balance transfers. This is especially helpful if you have a high rate (high risk can be 30%+!). Transfer the money and pay it off fast, take advantage of the low rate. Beware though, don't turn into a card jumper as it may hurt your credit score too much.
5. Swallow your pride and pay pay pay! Give up going to the bar, smoke less (or help your health and quit), going out to eat, and live off of beans and rice for awhile. Make minimums on all your cards except your lowest 1, concentrate on that card and finish it off. Carry over the money to the next card and do the same. Make a little ceremony for when you finish off a credit card. Burn it, cut it up, do whatever you want to it and enjoy it. That is one less worry you will have.
Be smart, take care of the debt, and DO NOT USE THE CARDS AGAIN! Cash is king my friends... Cash is King
Do you seek funds to pay off credits and debts? Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? Wesley Loan Company is the answer. Email (wesleyloancompany@yahoo.com)
ReplyDeleteWe offer the following types of loans
*Debt Consolidation Loans
*Business Loans
*Personal Loans
*Home Loans
*Car Finance
*Commercial Loans
*Investments Loans
*E.T.C
Note: We give you loan with a low interest rate of 2% and loan duration of 1 to 20 years to pay back the loan (secure and insecure). Do not keep your financial problems to yourself in order for you not to be debt master or financial stress up, which is why you must contact us quickly for a solution to your financial problems. It will be a great joy to us when you are financially stable. Email {wesleyloancompany@yahoo.com}