Fastest Way To Get Out Of Credit Card DebtSeptember 04, 2017
Credit card debt is one of the worst types of debt that you can have. Many people spend over 15 percent of their income on credit card debt. Many Americans carry a balance every month, which can make it even harder to get out of debt. If you are struggling to pay off your credit card bills, then there are several things that you can do in order to get out of debt.
Free up Some Cash
You may think that it is impossible to pay off your credit card bills on your current income. However, there are ways that you can free up extra cash. Freeing up a little bit of your income will make it easier for you to pay off your credit card debt.
Electric and gas are extremely important. There are ways that you can reduce the cost of both. You can lower the temperature on your thermostat. You can also wash your clothing in cool water instead of warm water. If you use a dishwasher, then you should only run it when it is full. You can also wash your dishes by hand.
If you have cable, then you may want to consider getting rid of it so that you can free up your income. There are lower-cost alternatives to cable, such as Hulu and Netflix.
The cost of eating out can quickly add up. That is why you should consider eating at home more. This will not only free up your income, but it is also healthier than eating at a restaurant. You can also have gatherings at your home instead of going out to eat.
You do not have to stop buying all the things that you want. However, you will need to review how much money you spend on things like entertainment, clothing and accessories. Before you purchase anything, you need to ask yourself an important question. Do I really need this purchase?
You should be able to find extra money in your budget by doing this. This is a lot easier than having to make drastic changes in your lifestyle.
Increase Your Income
If you have some extra time, then you should consider finding ways to make some extra money. You can become a mystery shopper. Coyle and Trendsource are some of the mystery shopping sites that you can use. You will get paid to evaluate restaurants, hotels and businesses.
You can also turn one of your hobbies into a business. You can write, do graphic design, market and take photos in your spare time. You can set up your own personal website. You can also use Guro and Contently to market your skills.
Doing odd jobs is another thing that you can do in order to make money. You can move furniture, wash cars, tutor and clean for people. Additionally, you can sell things that you are no longer using. You can use websites like Amazon and eBay to sell your things. You can also sell them in a yard sale.
Budget for Repayment
Budgeting is something that many people today dread. However, it is essential for reducing your debt. Write down your income and subtract your expenses from that income. You should then designate a certain amount of money to go towards your credit card.
You will also need to leave some wiggle room because an emergency may come up. For example, you have $500 left over after you take care of all of your other expenses. You can use $300 to pay off your debt. The remaining $200 can go towards your emergency fund.
The more money you pay, the sooner you will be able to get out of debt. You will also be able to save money on interest.
Lower Interest Rates
It is hard enough paying off credit card bills without the interest. That is why you should try to reduce the interest on your credit card balance. If you have a good credit score, then you may be able to get a balance transfer. You may not have to pay any interest if you transfer your balance. You can also lower your interest by consolidating your debts.
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