First off, you have to assess the severity of your debt.
If you are grossly in debt, you need to contact a debt relief agency immediately. Millions of people the world over have debt problems, which is why debt relief industries are growing exponentially. They can help negotiate lower interest rates in
exchange for a regular monthly payment. They perform wonders. It would certainly be a joy to receive statements every month displaying a reducing debt balance. Many of these debt agencies are reputable and will truly help you get your life back.
Now if you aren’t up to your neck in debt, here are some tips to consolidate whatever credit card debt you do have.
First and foremost, cut up all of your credit cards. This is obvious, but do it – only spend money that you have and on things that you need. Next, try to move all your debt onto one credit card, preferably one with a 0% interest rate. This creates less confusion and may give you more time to pay it off. Next, try to pay off more than the agreed principle. In doing so you are sure to wipe that debt out in no time.
You need to monitor your interest rates, if any. You don’t want to be paying painful amounts of money just to borrow money. And if the interest rates are high, and all you ever pay off is the interest, then you’re never reducing your debt.
An advantage if you’re a homeowner is that you can take out money from your house’s equity – home equity line of credit. You can get very low interest loans that can pay off your credit card debt. Through this method, you’ll still be in debt but you’ll be able to consolidate it sooner.
You could also try asking your bank for a low interest personal loan. Be sure to check that the interest rate on that loan is not higher than that of the credit card companies.
I’ll stress again, DO cut up your credit cards! Don't pretend in your mind that you need to keep them in case of an emergency because you will give into the temptation of a needless spending spree. Fighting your way out of monstrous debt is an arduous task, but essential for your freedom.
Whatever you do, do it right now! Debt is a heavy burden. You only have one life to live, you should be free to enjoy it.
2 comments:
Yes, come up with a plan and stick close and diligently to it. You gotta to be disciplined and don't deviate from your plan.
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