fradykat
|
The first thing you need to do is lock them up so you don't use them. I don't recommend cutting them up because an emergency can happen and you need to be able to get a card for EMERGENCIES only. Secondly contact each creditor and ask them if they can lower your credit card interest (apr). If they can't by you talking to them then you can go into a debt consolidation program and they can negotiate with your creditors to eliminate fees and lower rates. Keep in mind though if you use a debt consolidation you will not be able to apply for credit during the time you are in the program and a note will be on your credit report that you are participating in a debt management program and will be removed when you are done.
In the meantime you need to pay as much as you can on each bill. Pay the creditors that have the highest apr first, then pay down the ones that have the highest balance and so on.
I recommend if you can't get a second job then earn money on the side. I work at home and this is what I do :) I can lead you in a good starting direction if this is something that you are interested in send me an email.
Good luck |
|
H. A
|
The only way that I know is to stop using them and just pay all you can on the one that has the highest interest rate, until paid, and the go to the next and so on, until they are paid off. Oh, it would help to stop using them during this same time. A debt consolidation loan could be possible if you have a great banker or equity in your house, but remember, if you use your home's equity you are using your future. Good Luck. |
|
Daniel C
|
Better way than what?
There's only one way to reduce credit card debt: pay into the card more than you charge against it.
Two ways: stop using the card but keep paying on it.
No, there is no magic wand. |
|
Steveo
|
Pay off the highest interest rate card first. Make minimum payments on the others. Then you should shred the cards, keeping the lowest one for gas. Preferably use an ATM card with a visa or MasterCard logo. Pay cash. Don't close accounts. In a few years you will be way ahead of the game.
Good luck. |
|
david d
|
Just pay it off. Pay as much as you can every month. The more you pay each month, the less interest you pay. |
|
Pitty T
|
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.
When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html |
|
``The Floridian``
|
With good credit, get a low rate card and transfer as many of the higher rate cards you can and pay as much as possible each month on that card, and don't charge any more! |
|
junebug
 |
First is obvious... stop using your credit card.
Then check your interest rates. If they are high, try calling your credit card company to have it lowered. If they won't, then there are plenty of cards out there that you can switch to. Credit card companies are always offering introductory deals, such as 0% on transfers. Usually such offers last for several months, giving you the chance to make sizeable payments on your principal.
Start making double payments if you can. |
|
jml167
|
Read one of Suze Orman's books. I read Young, Fabulous & Broke and used her techniques to lower my credit card debt and raise my credit score. She has several great books out there, and all of them are written using simple language with great examples. The best thing to do is educate yourself about your options and then follow through with actions to clean up your debt. Good luck! |
|
rima331
|
Yes, pay your bills=lower credit card debt. Sorry but this is the only true way, that or calling the collection agencies that have taken over your accounts and asking for a deal, like take a few hundred off if you pay the whole thing at once. Good Luck. |
|
dhdaddy2003
|
better than what? You can negotiate as much as possible with the lenders, and then pay off each card, from biggest to smallest, as fast as possible. Don't use them any more. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
