How Can You Repay the Debt on Your Credit Card Faster?
When people get their first credit card, they assure themselves that they will not use their credit card for unnecessary purchases. However, they have just lied to themselves, as in the coming months; they find themselves in debt. If your credit cards are maxed out and the interest rates are through the roof, you are in a desperate need to get out of debt and fast. Here are five ways that will free you of debt:
ü Should You Save or Pay the Debt?
Even though you won’t like to take money out of your savings, you may not be left with a choice. For couple of months or years depending on the amount of debt you’ve piled on, take out money from your savings account and put it into your credit card to pay off the debt. Focus on the credit cards that have high interest to knock them off the list.
ü Sell Your Stuff
Sell your things that you don’t need any more. If you have an expensive item or duplicate collectibles worth a lot of money, sell the right away. This is one of the best ways to make money fast. Plus, it will give you additional money to pay off your credit card debt.
ü Earn Additional Money
You may have to give up your Saturday, but if it will help you pay off your credit card debt, it will be worth it. You can earn extra money by working additional hours, taking extra shifts, and more than one job. It will be a pain to work non-stop, but it will help you decrease your debt.
ü Stop Using Your Credit Card
The best strategy to date is to shove your credit card in a place where you will never be inclined to reach for it—At home. As long as you have your credit card with you, you will keep on using it. In the event you car breaks down on a rainy day or some other dire situation, use your credit card.
ü Start Paying More than the Minimum
Even though this might not be an option that you would want to consider, seeing as you’re heavily in debt and can use the cash somewhere else. With the credit card companies giving you a mild heart attack with every credit card bill that you receive, you might want to cut back on spending cash on groceries that you don’t need and put it towards paying off the credit card with the highest interest rates. Start paying more than the minimum to get out of debt fast.
Do you have any more tips to share with us? We would love to hear and we’re sure others would as well about how you manage to deal with credit card stress. Share your way of lowering credit card debt in the comments below.
A Selection of Credit Quotes
” It’s not surprising so many people end up with credit-card debts. Saving for your retirement and buying a house are difficult things, and we don’t educate people about them at all.” ~ Niall Ferguson
“At 20, 25, 30, we begin to realise that the possibilities of escape are getting fewer. We have jobs, children, partners, debts. This is the part of us to which literary fiction speaks.” ~ Mark Haddon
“Everyone in our society has had to make a contribution towards dealing with the debts.” ~ George Osborne