Posted by Managementguru in Financial Management, How To
on Oct 7th, 2015 | 0 comments
Pay Down Credit Card Debt Faster – How to? They call credit card “PLASTIC MONEY” which is absolutely right because once you become a defaulter the card looks like a useless piece of plastic. Why people are so fascinated using credit cards when they very well know there is a severe consequence behind its usage? Only when you are sure about rotating your payments within the billing cycle of one month, go for a credit card payment. Otherwise it is wiser to spend with whatever is available with you. Read this post that clearly indicates the downsides of credit card debt and also points out how to come out of the hassle! Have you been in credit card debt for what seems like an eternity? Do you have so many bills that payday feels more like debtday? You and many other consumers are in the same boat. Total credit card balances in the United States are at $703 billion, a $19 billion increase from the first quarter of this year. Furthermore, total U.S. household debt is $11.85 trillion. This includes personal loans, credit cards, car loans, and educational debt. The following guide reviews multiple different lenders in the space, tries to help readers understand if debt consolidation is the right move, outlines different types of consolidation loans, offers tips on finding the right loan, and mentions alternatives as well. Best Debt Consolidation Loans | Unsecured and Low Interest Rates Fortunately, there’s light at the end of the debt tunnel. Here are a few adjustments that can help you pay off your debt just a little bit sooner. Go for a Part-Time Job Attacking debt involves one of two actions: spending less or adding more money. If you’ve found that you can can’t cut any more fat from your budget, it’s time to bring in more cash. Income from a part-time job will provide you with the extra cash you need to make larger monthly payments. By throwing money at your debt, you can shave months off your anticipated payoff date. Negotiate for a lower interest rate If you have an excellent payment history, your credit card issuer may agree to lower your interest rate. Just give the card company a call and ask. This one simple move could save you a hundreds of dollars in interest payments and consequently help you clear out your debt earlier. Make more than the minimum payment While it’s great to pay your credit card bills in full and on time each month, it will take a very long time to become debt free if you only pay what is owed. Making a larger payment each month (an additional $10 or $15, for example) is beneficial in the long run because you’ll pay less in total interest. A Well – Researched Guide on debt consolidation loans by experts at Reviews.com Many individuals have several loans, sometimes so many they can’t keep up with all the accounts and due dates. That’s why our team set out to create a guide that would help consumers manage their debt and tackle the decisions that come with consolidating: https://www.reviews.com/debt-consolidation-loans/ We also recognized that different credit scores need different resources, so we offer recommendations for those with poor, average, and excellent credit. Focus at one debt at a time Center your attention on paying off one debt at a time. If you try to pay off all of your credit card debt at once, you will just get overwhelmed and give up before you make any real progress. Start by focusing on the debt with the highest interest rate. If you find that you have trouble staying motivated, another method that may work...