Most of us have accrued a significant amount of credit card debt. Of course, I’m sure we’ve all heard that more than once, right? It’s become quite personal, correct? I bet your high credit card debt is driving you crazy.
Relax- don’t file for bankruptcy quite so fast. One of the major things that you need to keep in the front of your mind is that most likely, your creditor is open to working with you. Making payments, even if smaller than the normal monthly payment, is better than making no payment at all.
Below are some ideas for helping you to control your credit card debt:
Foremost, get in touch with the company that issued your credit card. Let them know about what is going on with your finances. Request that they lower your credit card interest rate, or request a lowered payment plan in order to repay. Quite often people don’t think of this because they are normally polite. It’s to your advantage to keep courteous when speaking with your credit card issuer. Stay firm, and polite, but conduct yourself in a manner that says “I know exactly what I want and I expect to receive it”. If you have any doubts about what you might be asking for, you might consider taking the time to contact a credit counseling service with a good reputation. There are many honest firms out there where the #1 purpose is to help you in working with your creditors.
Ok, now stop the credit cards from being used. Tear them up, or run them through the shredder. Do whatever you need to to keep them from ending up in your wallet or purse. Allowing them back in there will only create more temptation for you to use them again, perpetuating the problem even more.
This can be the most difficult part of lowering your credit card debt. You are addicted to spending money that you can’t afford to spend. You have to quit- cold turkey.
Get started by getting the credit cards that have the highest interest rate paid off first. Go from there. How do you do that? Give your attention to the credit cards with the high-interest rates. Pay more than the minimum that is due every month. The minimum payment is just to keep you paying for the longest amount of time possible while all the while you are paying interest as well.
The credit card companies aren’t in business to lose money and it’s in their best interest to keep you paying them for as long as possible. Even a small amount extra each month pays off in a big way in the long run.
In the end, hold your head high and keep a happy attitude. Many folks just like you have started to cut their credit card debt using these steps. You will, too!