Looking for how to eliminate credit card debt?
Credit cards are great, aren’t they? Those flexible friends that sit so neatly in your handbag are always happy to cover a big shopping spree, a weekend city break, a round of lunchtime cocktails or an expensive dinner.
Yes, when it’s time to treat yourself, your credit card really is the life of the party.
Yet, if you start to run up bills you can’t afford to pay, your flexible friend can very quickly turn into your worst nightmare.
When the credit card bills mount up on the doormat, it’s easy to think that the only way out is more borrowing. This, however, is not your only option.
3 Sure-fire Ways to Eliminate Credit Card Debt.
The ‘one card at a time’ approach
If you owe big money on several cards, merely keeping up with each individual debt can be a job in itself.
In this situation, the thought of ever paying off all of them can seem impossible, simply due to how many of them there are.
So, rather than trying to handle them all at once, do something to boost your sense of financial control: concentrate on one card and clear it completely.
Which one you choose will depend on what is most important to you. If you want to get your credit rating back on track, target the card with the highest utilisation rate.
If you just want to clear one of your debts as fast as possible, concentrate on the card with the smallest balance.
Clearing one card completely will give you a sense of confidence in your ability to handle your money and put you in the right frame of mind to tackle the rest of your debts.Do something to boost your sense of financial control today!Click To Tweet
The ‘let’s make a deal’ approach
Always fancied yourself as a bit of a smooth talker? If so, it is well worth negotiating a lower interest rate with your creditor.
While you might think it takes an expert to argue a credit card company down to a reduced monthly fee, if your credit score is strong and you have been meeting your payments, they will probably hear you out.
Doing a bit of research first will help you here. Take a look at rival companies with equivalent cards that offer lower rates of interest.
Then tell your card company that you have been offered a better deal from their competitor, and are wondering if they can match it as you would prefer to stick with them.
Though not guaranteed to work, it will certainly start the discussion. This approach will help you eliminate your credit card debt more quickly.
The ‘out of sight’ approach
If you just can’t help pulling out your credit card in the shop, bar or club, it might be time to take action against yourself.
Put those expensive little pieces of plastic somewhere you will not be tempted to use them.
Hide them so well you forget they even exist. This way, you won’t be adding more digits to those bills you’re currently trying to clear.
If you want to get back in the black, consider using one of these proven strategies to eliminate credit card debt without more borrowing.
Which of these approaches, will you be taking on board? You can leave your comments below. We would love to hear from you!