Are you in need of credit card debt help? Learn tips to lower your credit card debt and gain control over your finances. Depending on the type of credit card debt you owe, there are many effective ways to pay off credit cards faster and to eliminate your credit card debt altogether.
You can view our video for this blog post or continue reading below
Tips to Lower Your Credit Card Debt
- Create a Game Plan and Prioritize your Debts
Your first step to lower your credit card debt is to make a list of all of your debts. You must start by being honest with yourself about what you owe and when payments are due. You’ll want to include any outstanding balances, interest rates and minimum payments for all your credit cards. Write these numbers down in a spreadsheet or document, so that you can look at a big picture of your credit card debt.
- Map out Your Budget
Write down your take home pay and then make a list of all the things you typically need to spend money on each month. Identify where you can cut back on expenses.
- Pay off the Highest Interest Rate Card First
Now that you have made a realistic budget, let’s look at the credit cards again. Paying off the highest interest card first is one of the fastest way to eliminate your credit card debt and reduce your monthly interest fees. It’s best to pay down those cards first, then start on other cards with lower balances. Invest any extra cash you have every month into paying off your highest interest rate cards and you’ll be able to pay off your credit card debt faster.
- Pay More than the Minimum
Pay a bit extra each month. Every dollar over the minimum payment goes toward your balance—and the smaller your balance, the less you have to pay in interest.
- Don’t Use Your Credit Cards
Stash your credit card away and don’t use it. Pay with cash so you know exactly what you have to spend. If you must use a card, use a debit card. By sticking to your budget you’ll free up extra money left over each month to reduce your credit card debt. Overtime this will help you use your credit card wisely and hopefully avoid more credit card debt in the future.
- Lower your Interest Rates
It might surprise you, but if your credit score is good, then many credit card companies might be willing to lower your interest rate if you ask them. Visit WalletHub for help in learning your credit score.
- Maximize your Income
Making some extra money is very helpful in paying off your credit card debt. Whether it’s asking for more hours at your current job or getting a side hustle gig, the extra funds can help you to lower your credit card debt faster and will save on interest charges.
Lower Your Credit Card Debt or Eliminate It Altogether with Legal Help
While our tips to lower your credit card debt can make a big impact, another option is to eliminate your credit card debt altogether with a debt settlement. An experienced debt relief attorney can help to lower your credit card debt and avoid bankruptcy with a debt settlement. A debt relief attorney can also work with your creditors, consolidate your debt and assist you in better managing your finances.
Credit card debt can be overwhelming and it helps to have an experienced debt attorney to review your debt relief options and make sure you’re not being taken advantage of. If you go with a debt settlement option for debt relief, make sure you go with a “debt settlement attorney” and not a “debt settlement company” to help avoid debt relief scams. Attorneys are held to a standard of ethics that debt settlement companies are not. Make sure you call on an experienced credit card debt lawyer who has proven track record in getting their clients out of debt. Finally, make sure that anyone you meet with offers a free consultation and doesn’t charge you for letting you know what your options are.
There are many benefits of debt settlement for credit card debt. Oftentimes, I am able to negotiate a credit card settlement to be paid over an extended amount of time with affordable monthly payments that are equal or less than the minimum payments you already pay. Even when you add in my attorney’s fees, my clients see significant savings overall.
Whether you choose to tackle your credit card on your own or contact a debt relief attorney, congratulations! You are on your way to living a life free of debt. To learn more about others just like you who are now free from the burden of debt, read on about my client debt relief success stories. If you have any questions, give me a call at 858-217-5051 and we can go over your debt relief options to lower your credit card debt.
Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego, CA. For more information, please contact Daniel Gamez at 858-217-5051, firstname.lastname@example.org or use our online contact form. Stay updated with the latest debt relief tips by following on Facebook and Twitter!