Best Growth Stock – Debts are always a headache to any one and they are tough to clear. Specially credit card debts as they end up damaging your credit history. There are many people who are not getting their salary on time and the number seems to just keep on increasing. There are some simple ways to start to deal with your card balances now, so that you may avoid possible problems and complications in the future.
The first steps towards solving your problem will be that stop using your card, especially on daily basis. You should never cut off your card or cancel it as it will have adverse effect on your credit rating.
Secondly you could try cutting down your expenses. There are various ways by which you can do this. For example you go out to eat outside twice a month then reduce it to once. You buy coffee at your office which nearly costs you $70.00 a month then stop it. Well you can do without it in this time for sure, especially in order to pull your future safe.
Credit Cards Debts, Saving Tips & Money
One another immediate thing you should do is immediately stop paying the minimum requested by the credit card companies. This is a debt just waiting to happen; you must pay off more than the minimum required amount every month in order to reduce your debt as quickly as possible and save money on the long run.
If you happen to find yourself in a place where credit card balance situation has already reached a critical point, where you are struggling to even make the minimum payments for something then the best way to deal with this problem, without crushing your credit rating, may be to take out a debt consolidation loan with a reputable online broker. Chances are low but it is certainly worth a shot.
What this will do is that it will not add to your debt list but pay off all the debt you have and you will be left with one single manageable monthly payment. That has a lower rate of interest and is spread over more years to make it much easier for you to deal with on a month to month basis.
The next step you could take is to take out your debt master list and start taking steps to lower your credit card rates. The higher your interest rates, the longer it will take you to pay off your debt.
Start by calling the companies and ask for lower rates. If you have good relationship with the company that wont problem. You will have good relationship with the company only if you have been paying bills on time.
The most effective method to pay off your debts is snowball method. It is very time effective. You can do this by adding as much as you can to your highest interest debt and get it paid off quickly.
So it’s all about spending wisely and investing smartly in these times.