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How to pay off your credit card debt

Posted by Arthur Peter on


How to pay off your credit card debt

Here are some practical tips to help you pay off your credit card debt.

First – once you have come to the place where you haven't been able to pay off your credit card and missed already some payments and realize it is time to change and take on responsibility. Here are some steps to help you get back on your feet again.

Here are some practical tips to help you pay off your credit card debt.

Second – contact the credit card company you owe money. Call them personally one by one. For all your credit cards. Tell them you haven't been paying lately because you can't pay it anymore but you want to work on paying off your debt. Ask them if they would be willing to waive a certain amount if you pay it all at once.

Most of the credit card companies are very happy when a customer comes who is behind with paying and shows willingness to pay back the money that is outstanding.
Sometimes if for example you owe them $10,000 they will waive a certain amount and ask you to pay only $9,000. There have been times when the discount was a lot and that will really save you a lot of money. So make sure to call them.

THIRD – after you called credit card company .. and received their quote to pay off .. work on paying off the credit card with lowest debt first. Say you have 3 credit cards .. with the following debts .. $5,000 / $9,000 and $3,000 .. start paying off first the $3,000 one followed by $5,000 and finally $9,000

FOURTH – in our case we have a total of $17,000 debt that needs to be paid back. Now try to find a credit card company that would be willing to give you say 6 months debt free loan. Many credit card companies have that offer. They will transfer the amount of say $17,000 to each credit card company and after 6 months they will start charging you interest. Once you found a credit card company who is willing to give you that credit for 0% or very low interest rate .. make sure to pay off your outstanding credit card debts.  

FIFTH – now after that has been done you are left with one credit card company .. now work on paying off as much as possible during the first 6 months. Since that is the time it is still interest free. Once you are focused on paying off your debt and live on a very low bugdet .. you will be amazed how quick your debt will go down.

If you need any advice and guidance in how to get your budget low .. contact me.

SIXTH – pay off your debt and enjoy the freedom you deserve.

Once paid off make sure you don't use your credit card beyond what you can afford.

If you struggle with controlling yourself .. better to get a debit card and cut your credit card.

 

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