If you already get to the point of thinking about filing bankruptcy and being irate to all those credit card companies piling up your debts list with the high interest rate they charge you and also the penalties they give you. Then think again before deciding to go bankrupt. There’s still an successful way of acquiring rid of all your credit card debts.
Though things don’t always come out the way we want them to, don’t feel negative about it. Don’t compromise your self also as well as your loved ones by thinking and doing negative things without finding the answer. Your life and your livelihood should not be in vain because of your troubles, especially credit card debts.
Exerting a technique in paying your credit card debts is needed to have the ability to make it in an organized manner. This technique will help you relieve your financial worries which are causing you sleepless nights and exhausting stress. In order come up with a strategized approach, you’ve got to be motivated first. You can get motivated by telling somebody you trust, specifically your partner that you’re going through some financial difficulties. They could encourage you and support you out to make things easy for you.
Analyze all your records that have some thing to do with your credit card debts like your loan documents and bank statements. Review all these related documents and attempt to make a listing of all your income and expenses. When your done analyzing, then it’s time for you to begin planning on the way to move on from all your debts.
Beginning with the credit card that bills you the highest interest rate, try to pause from using it or better if you can freeze it if possible. Maintain the ones with the reasonable interest rate. During abrupt situation where you need some sort of purchasing power, then using the ones with the lower rate is better. After freezing the card, make a stand in saving up as much as you can and allot a certain portion of it for you to reach the amount you need in paying your credit card debts. You can save money by shopping wisely and not spending too much on things that are least important. Use the money that you will save in your piggy bank of debts so you could be able to pay beyond the minimum amount due.
By doing this, it is possible to get rid of all your credit card debts. The procedure of paying could possibly be faster or slower, but that depends on how much you save and how much effort you put in to be able to come up with the amount you require. But once you’re finished with the first credit card, it would be far more convenient for you to pay off the next one as you get used to the technique you use in paying. Pay off the exact same amount you pay on the very first credit card even if the next card has lower debts.
Stay focused on saving your money and not be too complacent as you feel the convenience of lowering your debts. Maintain your motivation by having a record of your decreasing debts on your table or anywhere you can see it so it could remind you how you get these things going. As the process continues, you will be surprised once you found out that you have emptied all your credit card debts.
Just to let you know, John Rogers has 20 years of experience and has his own book out now, you can get his mini-course for FREE about credit card consolidation by just signing up, it’s also useful if you want clear credit card debt.
- Southern States Have Country’s Most Credit Card Debt (patspapers.com)
- Guest Post: Credit Card Consolidation – Myths and truths that can help you. (finance4youth.wordpress.com)
- 60 Seconds: Guide to Getting out of Debt (creditloan.com)