14 Jan 7 Ways to Consolidate & Relief Credit Card Debt
7 Ways to Consolidate & Relief Credit Card Debt
Credit Card Debt Relief – We live in a society that eager seeks immediate gratification.
Consolidate Credit Card Debt
If we see something we want then we buy it whether we have the money for it or not. Companies have become so clever when it comes to their marketing strategies that it makes is very hard for consumers to say no. Years ago if there was something that we wanted and we didn’t have the money for it, we would save our money until we had saved enough to purchase the item. That is not how it is anymore in today’s time. We see it, we want it and then we swipe our credit card to buy it. We don’t even worry about the amount of interest we will pay and how it will affect our monthly budget. All we care about is the immediate gratification. Of course there are many other reasons that we may use our credit cards such as a medical emergency, loss of a job or for everyday expenses to get to the next paycheck. However, no matter what the reason is for you to use your credit card it all comes down to the fact that we are not managing our money correctly and living above our income which is very easy to do without realizing it.
If used properly a credit card can be helpful to your financial health and it can also help you build your credit. However, some of us don’t know how to be responsible with our credit card and before we know we are drowning in credit card debt. Credit card debt can be very difficult to get out of and it takes time and daily effort in watching your finances to get out of credit card debt. When you are in debt and looking for debt relief it can seem hopeless but if you stay focused on the end goal your debt relief will come and you will notice a different in your finances. Let’s take a look at the top seven ways to consolidate and relief credit card debt and find the debt relief that you need.
1. Consolidation Loan
One way you can relief credit card debt is by getting a consolidation loan. Typically these types of loans require a minimum credit score of at least 630. If you have a decent credit score and you are drowning in credit card debt then the consolidation loan may be one of the best options for you. The application process will take only a few days but you will need to have some documents such as income verification and employment verification paperwork. If you can get a consolidation loan to consolidate credit card debt you can have your credit card debt paid a lot quicker.
2. Get A Low Interest Credit Card and Transfer Balances
In order to do this you will need to have a credit score of about 750 because you will have to get approved for a credit card with a high limit and low interest rate and do this it will require a credit score. Once you get approved for the new credit card you can transfer all of your balances from your credit card and then you will make just one monthly payment.
3. Readjust Your Monthly Budget
Obtaining credit card debt relief will take some effort on your part and you might want to think about looking at all of your other expenses and see which ones you can cut out such as a gym membership you don’t use or any other monthly subscriptions that you don’t need. Once you get these things cancelled you can use that extra money to pay down the balances on your credit cards. This will take discipline and determination but in a few years you can really make an impact on your credit card debt.
4. Don’t Use your Cards
It may sound silly but you might want to think about hiding your credit cards while you are trying to consolidate credit card debt and find some credit card debt relief. If you carry your cards around with you then you are more likely to use them when you want to make an impulse buy. If you keep them at home then you will have to stop and think about that purchase before you actually make it and chances are you will ultimately decide not to make that purchase so that you can obtain your goal of credit card debt relief.
5. Keep Track of Your Progress
We all like to see the results after we go on a diet and our financial health works the same way. When you track your progress on debt relief then you are more likely to stick to your budget and achieve your long term goals. Make a spreadsheet or a graph and look at it every month so the amount of credit card debt that you have paid off. It takes time to relief credit card debt and you have to remember that it’s a marathon not a sprint.
6. Get a Part Time Job
It might also be a good idea for you to get a part time job to relief credit card debt. There are so many side jobs or gigs that you can do to help pay down your credit card debt. You can even freelance from home in spare time and use that income to pay down your credit card. It doesn’t have to be a job that will take up your entire Saturday or Sunday but just a few hours a day freelancing could make a significant impact on your credit card debt.
7. Take Out A Home Equity Loan
If you own your own home then you can always get a home equity loan to pay off your credit card debt. The interest rate on a home equity loan will be significantly lower that any credit card interest rate.
There are so many different ways that you can obtain debt relief but you have to always remember debt relief doesn’t happen overnight and debt relief isn’t easy. It will take determination and dedication on your part to stay on track and do what’s necessary every day to relief credit card debt. There are also credit card debt relief counseling companies that can help you make the right decision on how to obtain debt relief that best fits your budget and lifestyle. Take advantage of these debt relief counseling services because they are the experts at debt relief and credit card debt relief.