The easiest way to reduce credit card debt is through a home
equity loan, but there are debt reduction options out there for those who don’t
own a home. With a little wisdom and planning, you can get to work on securing
your financial freedom.
Let the professionals work for you.
There are companies that specialize in negotiating with
credit card companies. They are able to lower balances, reduce interest, and
even remove fees. Allow one of these negotiation services to work on your
behalf and you will be surprised at how much less you will owe almost
immediately. Then to reduce your debt even more, start taking the money you
save each month and apply it to your debt. The faster you pay off your debt the
less interest you will owe.
Let the professionals do the budget for you.
Let’s face it, if budgeting were your strong suit, you probably
would have a handle on your credit card spending. Sitting down with a
professional credit counselor and letting them take a look at your budget and
put you on the right track for your financial future. A credit counselor can
even help you work out a payment schedule that will let you see a light at the
end of the debt tunnel.
Tighten your belt and make some short term sacrifices.
It may not be the fun thing to do, but the reality is that
unless you pay more than the minimum payment on your credit card balance, you
will never get yourself out of debt. This might mean that for a year or two you
will have to go without some of the luxuries your used to having. Make a list
of the things in your life that are necessities and the things that are extras
and then decide what things you can do without at least until you have a handle
on your debt.
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