Buying the things we want is fun, especially if we also get various bonuses and discounts when buying it. This is the main attraction of credit cards; you are free to buy whatever you want without having to feel running out of money. At the end of month, your credit card bill comes with all debts. You must immediately think how to get rid of credit card debt. Regret is coming last, but fortunately there are many ways to get rid of your credit card debt, depending on how you want to do it and how much money you can afford.
As already mentioned, there are various ways of paying off credit card debt, but usually in essence, it remains the same. Therefore, the following will show the most appropriate and effective way on how to get rid of credit card debt in several easy ways.
Simple Steps to Get Your Credit Card Debt
- Stop the leak
All you have to think about and do first is keeping your credit card well, and don’t use it until your debt recovery process is complete. Sources of problems must be eliminated in advance. If you need to buy something, use cash money.
- Get all the information
Take note of everything about your credit card, how much debt on each credit card, how much interest each month, even information about the provider such as phone number or officer’s name will be very helpful. This note is important as a reminder of how much debt you have to pay first, and whom you should contact to resolve the issue.
- Manage your income
Allocate your income funds to each of debts written in the previous step. Calculate the minimum amount of each credit card, and add about 10% -15%. Don’t get too close to the minimum, so your debt repayment process is not too long. It’s okay if you cannot pay all credit cards. Just prioritize who has a high interest first. This is the main issue on how to get rid of credit card debt.
- Reevaluate your option
To this end, you should be able to ascertain whether you can make this method an attempt to repay the debt. If so, then reset step 3 until your debt is paid off or until your income is not sufficient to repay the debt. If the income has started not enough to pay the debt, you can start asking for help.
- Do the “get help”
Still, remember about the credit card company information you wrote in step 2. Now remove that information and starts calling peoples. Make arrangements and submit a proposal for waivers of interest. Some credit card companies approve low-interest rate proposals provided. They comply with the rules and conditions, such as unmitigated events or bankruptcy.
Congratulations, you’re on your way to repay your credit card debt. Those are five simple ways on how to get rid of credit card debt. After this, make sure you are more careful again in using credit cards, so as not to fall into the debt anymore.