If you are like me, you have built up a high credit card debt. I know, I know, we’ve all heard THAT before. Right? What bill am I going to juggle this month? I bet it’s driving you up the wall.
Ok, calm down. Don’t run to file for bankruptcy just yet. Keep in mind that most likely your creditor will be open to working with you to get back on track. Even if you make smaller payments than the regular monthly payment, it’s better than not sending anything at all.
So, below are a couple of ideas to help you manage 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 the 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.
Second, you have to STOP using the credit cards. Burn them, cut them up, and run them through the shredder. Do whatever it takes to keep the credit cards out of your purse or wallet. Like the famous saying-\”JUST DO IT\”! You cannot continue contributing to the problem by creating even more debt.
Actually, this can be one of the most difficult parts of lowering your credit card debt. You seem addicted to spending money that you don\’t have available to spend. So, you have to quick the habit- COLD TURKEY.
Start by paying off the credit cards that have the higher interest rates. Work from there. How would you do that? Concentrate your efforts on the high interest rate credit cards by paying more than the minimum payment that is due each month. That payment is just designed to keep you obligated to the credit card companies for the longest amount of time possible.
The big banks who issued your credit card aren’t in business to lose money. It’s to their advantage to keep you making payments for as long as they can. If you can even pay a smaller amount each month it will be better in the long run than just not making the payment.
In the end hold your head high and keep the happy attitude. Many folks just like you have started to cut their credit card debt using these steps. You will, too!
Now Get Going!