Having credit cards have become a necessity today, if one card is exhausted another comes into play. Though the credit limit of these cards has increased by huge margin, carrying high balances of credit cards can be stressful. It is better to act upon it now than to wait for the debt to get piled up.
Here are the five ways to deal with credit card debt:
- Start negotiating
Ask your credit card companies to lower their interest rates. Lower interest rate results in reduced debt. Remember, the best time to negotiate with the company is when you are still up-to-date with your credit card payments. If you are regular with your credit card payments, they might actually consider your request.
- Get professional help
If you are behind on your payments, go for a better option of getting 4 Pillars to negotiate debt relief for you. The sooner you opt for professional help, the more options you’ll have. Don’t wait until your credit card debt has gotten to a point where you can’t keep up with your minimum payments. The 4 Pillars’ debt specialists will analyze your situation and provide you with possible solutions to get out of debt by educating you on various aspects of credit and also on the ways to build your credit score.
- Liquidate existing investments.
By liquidating your investment, you gain more money in your hand and through a lump sum payment, you can eliminate your credit card debt.
- Pay minimum amount every month
You need to pay a minimum monthly amount to clear your debt. This is the most simplistic way to either eliminate the debt or keep it in check. Budgeting gives you a fantastic option to ensure that you have the minimum amount to make the monthly payment.
- Final settlement
This should be the final option that you should consider. You can speak to your credit card company and strike a deal for clearing the debt. They will reduce the outstanding amount to be paid and ask you to pay the balance as a lump sum now. Though you would gain in this regard, it will affect your credit score and lower your chances of securing future loans
Though there are ways of clearing piled up credit card debt, best thing to do would be to control over spending through credit cards. Manage your finances and track your expenses in a better way with professional help of debt specialists of 4 Pillars.
