If you have a large amount of credit card debt, the payments may be getting to be too much for you to handle.
Or perhaps you are worried that you seem to be paying more and more in to your credit cards, but the balance hardly seems to decrease at all.
Those high interest rates may be costing you a fortune!But how can you get it all paid down when you can barely afford the payments as it is? The first step you should probably take is going to be calling each lender and trying to negotiate a lower interest rate.
If the lender claims they cannot lower the interest rate, tell them you received an offer for a much lower rate, and unless they can match the offer, you are going to transfer the entire balance to the other card.
If they still won't budge, ask them if they would at least be willing to waive the annual fee, if there is one.
Do this with each of your credit cards, and be sure to write down the results of each one.
Once you know where you stand, you can start consolidating and closing cards.
Transfer balances from higher interest rate cards to lower ones.
If necessary, you might even open another card or two.
This does not give you an excuse to spend more money!Only open cards with great balance transfer offers or low interest rates, transfer your high-rate balances to the new cards, and then close the old accounts.
This alone could save you a lot of money every month, and could be a massive savings over the years! Now that you have your cards down to the lowest possible interest rates, you need to start paying down the balances.
This will be tough if you're struggling to make the payments already, but it isn't impossible.
Every time you have a little extra cash, send it in to one of your cards as an additional payment.
Keep knocking out those balances with every little bit you can.
You can also have a garage sale to earn a little bit of extra money to go toward your credit card bills, or you can sell some things on eBay.
This will help you get your life cleaned up and organized, as well! And don't forget those little bonuses in life, like tax refunds and bonuses at work.
The windfall might be a temptation, but you'll feel great if you use it to pay down some of your debt.
A vacation may seem like a great idea when you get your tax refund check, but you may not enjoy it as much if you're worried about your credit card debt the whole time you're there.
There are plenty of things you can do to eliminate your credit card debt.
The most important thing is to make the commitment to do it, and then stick to your plan as much as possible.
You can do it!