Once you have built up your credit card debt, you may find it hard to handle the bills which come through your door and may be wondering how you will ever solve your credit card debt problem. There is help out there though, and following the following tips may mean that you can solve your credit card debt that little bit quicker:
1. Pay More than the Minimum – To get you on the road to solving your credit card debt, it is important that you pay off more than the minimum. Only paying the minimum means that you will be only be paying off the interest and barely paying off your actual debt.
2. Get a Lower APR – The lower your APR the better, as this means that you will be charged less by your credit card company for the debt. It might be worth shopping around and doing a balance transfer onto a card with a lower APR (but remember about the balance transfer fees).
You could also try calling your credit card company and ask them for a lower interest rate, if you never ask then you will never know. Tell them about lower APRs you have been offered or say that you are tempted to go with another company who can offer you a good introductory rate. The likelihood of them agreeing to requests will vary, dependant on your payment history with the company and your credit rating.
3. Cut Up Your Credit Card – Even if you have followed the above tips, your credit card debts are never going to be solved if you continue to get yourself into more debt. Cutting up your credit card means that you won’t be tempted to use it and you can begin to tackle your credit card debt and begin to see a difference.
4. Get Debt Help – Sometimes credit card debt gets too much to handle on your own and you need professional help. Creditors calls and letters can be very distressing, especially if you know that you cannot afford to pay the amount that they are asking for.
There are debt solutions out there and it could be in your best interest to take advantage of them. You might benefit from a debt management plan. This is best suited to those who have unsecured debts, which can include credit card debt, of under £12,000 and are struggling to make payment to their creditors. A financial solutions company, such as Harrington Brooks will go through your finances and ensure that you are making a reduced payment that you can afford.
For more information about our debt management plans or if you are looking for an alternative way to solve credit card debt, then please get in touch. We have a team of professional debt advisors that are specifically trained to help you deal with your debt problems and solve your credit card debt.