In order to eliminate credit card debt, you must be able to solve two problems. The first is limiting your use of the credit cards. The second is that you must increase the amount going toward the principal balance on each card. There are several effective ways to do this.
Balance transfers are one solution that allows you to transfer a high-interest balance to a credit card offering a lower interest rate. The result is lower finance charges for as long as the lower rate is valid. You can take advantage of this lower rate by sending in still higher monthly payments. This will substantially increase the amount going to pay down your principal balance each month. Keep in mind that there are several pros and cons of balance transfers, and you must have an excellent credit score and a budget surplus to earn good transfer offers. In addition, your lower rates could be reversed through universal default.
Request a Lower Interest Rate
Did you know that credit card issuers frequently grant slight interest rate reductions to cardholders? They may do the same for you if you know how to ask for it. Similar to the balance transfer requirements, you must have an excellent credit score and the ability to overpay every single month to prove you deserve a lower interest rate.
A reputable credit counselor can help you evaluate the possibilities of multiple options to help you eliminate your credit card debt. Our Accredited Financial Counselors are able to meet directly with most of our clients to discuss the sources of financial distress and to create a household budget. We also keep in touch by phone to make sure that we are able to help you eliminate your debt for good.
Our first option is to determine strategies that you may be able to take on your own to take control of your debt. If you need more help, then we can help you decide if you are eligible for benefits through a debt management plan. You may be eligible for lower interest rates, a lower consolidated minimum payment, re-aging of your accounts and even a stop to any late fees, over-the-limit fees, and collection calls. Our counselors can show you how to access these benefits and help you eliminate your credit card debt.
Eliminate Credit Card Debt for Good
The goals of our counselors are to help you quickly eliminate all of your unsecured debts forever while getting the immediate debt relief that you need. We want you to break free from credit card debt so that you can move on and enjoy life.
Total up all of your current credit card payments. Imagine having that much money left over every month to spend on anything you like.