While you may be of the persuasion that credit card debt is something which is going to follow you around your whole life you’re only as much of a victim as you allow yourself to be. Credit card debt is the burden on many of our backs; credit card debt can follow us around for years and years. However credit cards are a useful tool and can be a lifeline in your hour of need. Here are a few pointers to getting rid of your credit card debt once and for all.
Stop Using Credit Cards: Not forever, but at least for a little while as you are trying to get out of your credit card debt doldrums, the best thing to do is just stop using your cards. Lock them up. If you have credit available you will use credit for things you don’t really need or want, increasing your credit card debt. If you just cut yourself off you will realize how much you use your credit cards and you will be able to adjust your lifestyle accordingly.
Bundle and Pay Down: Some credit cards will take on other credit card debts. Call all your cards, tell them your situation (even if the amount of debt you have exceeds your credit available with a single card) and see if they won’t offer you a better interest rate or some kind of a deal if you move your debt over to them. If you do this you need to be sure to close your accounts down and/or lock up your cards. If you move money over and bundle and then max out the cards with money available, that’s a major faux pas.
Debt Relief Services: Debt relief services may be able to help you do the bundling together if you can’t get anywhere with your credit providers. Debt relief services are skilled at handling credit card debt and they may be able to get you a better interest rate. Take multiple offers and compare their individual particulars.
Bankruptcy Is Not For Most: Bankruptcy is a tricky situation. It’s something that follows you around forever; it can affect apartments, jobs, and later on mortgages for properties you’d like to buy. Just tread lightly if you’re considering bankruptcy. It’s not something that most people fully understand before they go in.
Credit cards can be your friends if you use them correctly.