You don’t like having your credit card debt hanging over your head. In fact, you want to get rid of it as fast as you can. But it seems like a very large hill to have to climb. But, just like actual walking, there are steps you can take to be able to get yourself out from under that debt.
While getting a loan from a place like Symple Lending could be one of those steps, there are other things you could do to pay off your credit card debt in a quicker way.
Balance Transfer Cards
This is a good option if you have good credit, because you still pay at least the minimum on your card and also do not utilize the card. Then you can transfer the balance to another card.
What this does is allow you to have a lower interest rate for anywhere between a year and nearly two years. That means that you won’t have extra money tacked onto each monthly statement and more money can go back into your pocket as you work on paying off the remaining balance.
If you are good at this, then you could feasibly just transfer to another card after the year or two is up. You just need to pay attention to what the interest rates are.
Control Your Spending
While there are scenarios where things like a sudden medical emergency or something similar could make you get into credit card debt, other times you are just spending money without knowing how much you actually have. Then you use your credit card and get into debt.
Plan out a budget that will cover the basics like groceries, rent/mortgage, gas, and your utilities. Then start adding other tiers – your credit cards, your restaurants/ordering out/ coffee or things like cable/streaming. Finally, have miscellaneous things ranging from haircuts to vitamins to vet visits for your pet to travel. That last part is what usually causes people to go into credit card debt – they use the cards for those things and it will cost more than what they have in the bank.
That’s not it, though. Once you have put in all those things, carefully comb through the expenses and see what you can eliminate to then give you room in your budget to then be able to pay off your credit card debt.
There are options, like tackling the largest debt first (the avalanche method) or the smallest debt first (the snowball method). You need to find the one that works best for you. Then you can work at being out of credit card debt.
Post HTML
