There is no easy solution to getting rid of credit card debt really, and if you think there is then there is really no point in reading this post because you won’t get any easy fix answers. You might however get a few helpful ideas if you read on…
If your credit card debt hasn’t reached the point where your credit rating has been affected then you might still be in with a chance of getting rid of it. However, you will need a lot of willpower to do this. This isn’t always easy to find when you’re the type of person that gets into debt with a credit card in the first place; but you simply must try.
First you need to change your spending habits completely. If you’ve been buying things on your credit card you need to stop immediately and cut out the spending; only spending the money that you actually have! The next thing you need to do is try and find another credit card. Now i know this sounds ridiculous but you need to find one with a 0% interest rate on balance transfers.
When you look for this new card make sure that you tell the new company the entire amount from your old credit card that you want to pay off. Don’t choose a credit card that charges you a percentage (often 2-3%) of your balance to transfer it, choose a free one. When you’ve transfered your balance you will no longer have to pay the interest on your credit card debt and you won’t lose any points on the credit scoring table either!
The next thing to do is to get rid of the old credit card and close the account. Then you need to set up a regular payment plan with your new credit card company and not spend any more on it.
Tags: Advice, Bad debt, credit card debt