Simple Ways You Can Pay Off Holiday Debt
Did you go overboard with the credit cards this holiday season? Are you looking at your holiday debt and thinking, “how am I going to pay that off”? The good news is you are not alone. There are millions of people who face holiday debt every year, like Consumer Credit Card Relief.
Did you know, according to Experian experts, more than 60 percent of Americans carry a balance of more than $6,000 debt on their credit cards once the new year begins. The irony of the situation is retailers are part of the problem. Retail establishments offer incredible discounts leading up to the holiday season, including interest free debt.
However, that interest free debt disappears once you reach a certain APR limit(usually 16% or higher). Retailers will do what they can to entice you into buying more than you can afford over the holiday season. Do you notice, though, how retail establishments are not there to bail you out once you get into trouble?
Credit card debt is a big problem for a lot of people. The good news is there is debt relief. The only downside to the debt relief is you have to consider fees and rates in a way that you did not before you started using the credit card.
How can you take advantage of credit card debt relief when you do not have much to work with?
1) The Balance Transfer
You can do that in one easy step. All you do is transfer your balance from your credit card to one balance transfer credit card. Most of the cards they show do not have interest for almost two years.
Some of the cards can save you at least $150 a month. You do need to read the fine print, particularly, the disclosures. The fine print throws in curve balls that might get you into more trouble.
Spoiler Alert: They do that on purpose
A lot of the cards can help with credit card debt. The one downside is that the honeymoon period ends after a certain period. That is when the truth hits home.
- You have to have a good credit score(670 or more)to qualify for some of them.
- There is a limit to what you can transfer.
- You cannot transfer from more than one bank.
The balance transfer card will buy you a little bit of time to pay everything down. Not reading the fine print, though, can get you into more trouble, similar to the trouble you got into with your credit card debt.
2) A Personal Loan
Credit card debt relief can also come in the form of a personal loan. Once again, you need to pay attention to the details. It makes sense if you have a large debt issue and do not want to open a new credit card.
Did you use more than one credit card over the holiday season(say four or more)? You can combine them into one loan. Now, if you have a really good credit score, then you can get the entire balance covered.
The good news about this credit card debt relief option is that you will be locked into a fixed rate. You will have a fixed rate for the loan period. Are you going to find a loan that has a 0% rate? We highly doubt it, but a few might be out there. Most of the fixed rates will come down to the single digits.
Look at it this way, a 6.5% fixed rate is much better than having the rates increase on your credit cards.
3) Borrow Money
There is that option for debt relief. You could always ask a friend or family member to front you the money. The one drawback to that is it sometimes causes internal issues. Debt relief can play havoc on family and friends, particularly, if the person you borrow the money from keeps pestering you about it.
That does happen with debt relief and various other credit card debt issues. Will they charge you interest on the loan? That depends on the person you seek help from with your credit card debt.
Some family and friends are good at waiting patiently for you to pay down your credit card debt. Others are not. That will add more pressure to your debt relief when you have a friend asking you almost every day about their money.
We suggest that you do not borrow from someone like that unless you have no other option regarding your credit card debt.
The one thing we suggest is you set up a payment plan for your debt relief, especially if you borrow from friends or family. Tell the person how much you can afford to pay every week or month(whichever works best for you).
We also suggest that you update the details of your credit card repayment plan as you get them. Say, for example, you cannot afford to pay an installment for your credit card this week. Let the person know that.
Maybe you could agree to pay double the amount the next time for your credit card repayment plan. It just a suggestion, but, you get where I am going with that.
You cannot keep someone in the dark when it comes to debt relief or credit card debt repayment plans.
You could also make a list of everything included with your debt relief. Make a list of each credit card you owe money on. Credit card debt is easier to pay down when you know which credit card you owe on.
Believe it or not, most of your family and friends will be willing to help with your debt relief if you lay out a plan to tackle your credit card debt. A great majority of people are willing to give you the benefit of the doubt if they know you are serious.
Hey! We never told you credit card debt relief would be easy. It is a challenge to overcome the obstacles that put you in this mess, to begin with. However, with a few sacrifices, you can find the credit card debt relief you are looking for.
There is one place that will help you begin your journey to become debt-free. Visit Consumer Credit Card Relief to find more information. Consumer Credit Card Relief is going to help you get on the right track when all other options have failed.
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