When cash is hard to come by and a portion of that has to be paid to the credit card companies from which you owe a ton of money you need help ti find the best way to eliminate credit card debt. Check your monthly billing and see if the payments made a dent. How do you that?
Simply check if the balance of the current month is lower than last month due to the payment you made. If it isn’t, it means that the payment you made just got swallowed up in the high interest charges in the months bill. What is happening is that precious cash is just going down the drain. You got to take stock of the situation and don’t throw any more money to waste.
What can you do? There are a few things that come to mind.
#1 Increase your monthly payment so that a portion of the amount paid this month gets reflected in the next months bill through a reduced total amount due”. Well, all payments do get reflected, only that if it is too small compared to the overall debt and the amount does not impact on the next months bills and this why debt just increases out of control and you ned to find the best way to eliminate credit card debt.
By increasing the amount you pay monthly, you can expect the total amount due to keep on going lower until in a few years, the debt will not be a major issue. The question is this. Do you have the extra cash, outside of sustaining and maintaining your family and yourself to do that? If not you need to get help.
#2 Find a way to get a lower interest rate. One tactic is to call your creditor, explain that with the rate things are going it would be close to impossible for you to pay off your debt so you request for a lower rate to make things manageable. A second tactic is to transfer your debts to another credit card that offers lower rates. But then of course, it goes to follow that if we were talking of a substantial debt here versus a minimal payment and a difference of 1-2% in interest rates, it would hardly matter still, right?
#3 Get your debt substantially reduced. This is the most effective way by which you can minimize the financial burden that is upon you. To do this, you can try to personally approach your creditor and negotiate for debt reduction. The company will have to “forgive” or write off a portion of the principal amount you owe them. What does it take to make that happen? You have to have the skills to negotiate and be familiar with the laws to back up your request. If you do not feel confident that you can hack this on your own, call in the experts to find the best way to eliminate credit card debt.
Debt settlement companies are well equipped to handle negotiations with creditor banks in behalf of borrowers. That is what they do, and what they do best. So contact one today and get out of debt before it is too late.