Best Way To Reduce Credit Card Debt

What is the best way to reduce credit card debt without getting a loan?

there is this really cool website called Powerpay. It shows you how to pay on your cards the most effective way. Like getting rid of all the smaller debts first or paying of the higher interest rate cards. Check it out it is pretty neat!

2009-06-02 12:10:02 by S.C. Mike

Learn how to reduce your credit card debt faster using the Snowball Method. Visit www.debtopedia.com for more helpful information and to get a ...

Negotiate with the creditor to lower your interest and ask for forgiveness of late fees etc that they might have charged.

I have had late fees forgive a couple of times just for the asking.

Negotiate with every credit card you have, once you get a card witht he lowest interest transfer all balance to that card or as much as you can into that card.

Pay the card with highest interest rate first. As soon as you pay it off, cut that card off and thrwo it in the trash. RINSE and REPEAT

At the end you will have one credit card left and pay that off.

All this while you MUST refrain from using credit again or else it will not work. Cash your paycheck and use cash/debit card for all your expenses.

Make a list of things you purchase every month and find out where you can cut cost. Don't goto movies for a year, dont eat out, buy generic groceries, skip vacation and take double pay.

The best is use your tax refund to pay off your debt. Since you are used to living without that money as soon as you get your refund before you spend it pay it all into your highest interest credit card.

Good luck.

2006-01-26 07:34:15 by alicia5955

I have 2 bank card that i am thing about mearing into one if I can find a low intrest rate. is this a good ideal? who are the best company to use for this.

If your credit is in good standing you should be getting loads of credit card offers in the mail. Otherwise you might have a hard time getting something descent. Search "credit card finder" for other offers.

A technique I used was to pay twice the month finance charges. Don't just pay the minumum or you will be there for 30 years. Then take what ever else you have left over and apply it to the card with the least amount of debt. Once that is paid off you will feel good and work towards the other.

You also need to evaluate your spending. For example make coffee in the morning rather than buying it. Never buy bottled water. Get a filter instead and carry a nalgene bottle around with you. Pack lunches. Eat left overs. Call around for better/cheaper insurance. Get a roommate. Sell unused items on ebay. Get rid of your cable for TV. Get a part time job at night or on the weekend. I think starbucks is always hiring. Switch bank accounts to credit union or something that is free. Offer to help out friends and neighbors for a small fee. Use the library instead of buying books or renting movies. Don't try to limit your cash spending to small number a month. If you are out of money for the month tuff love. Don't eat out. Don't by alcohol. Etc...

2006-08-01 11:55:43 by jazz k

I know so many people say 'stop using the cards!'...but what if that's not an option? My credit card has turned into a monster.... over 17k and I only take home 13k a year. It's not like I use it for frivolous things... I use it for things like dental work, car repairs, and groceries/gas. I have to use it for those things, because after making all my payments, I actually make about 150 dollars *less* a month than what I take home. So does anyone have any ideas for reducing that big credit card, especially any ideas that don't involve bankruptcy??? Please help... I'm too young to have this sort of a debt!

First of all you need to cut up and cancel the credit cards. They are a crutch!

They are good for nothing but getting into debt.

You need to sit down and do a written budget.
Find a second job to pay your bills.

Go to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn't cost a dime to listen.

2008-02-18 18:04:44 by Mel H.

we were approched by a debt company by phone how do you know if they are lagitiment

Stop spending money you haven't got on these cards sounds like the safest was to reduce this debt to me.

2006-12-08 19:12:47 by Jennifer H