Unnoticed Ways to Get Out of the Vicious Cycle of Credit Card Debt

May 16, 2012 by  Filed under: Debt 

Getting out of the vicious debt cycle can be a daunting task. You may have to make extreme changes in your mode of living for getting rid of credit debts. For example: skipping the yearly vacations at a new place, making bigger payments to the credit card companies, enrolling into the credit card debt relief programs, purchasing only the necessary items, etc.

Though the main debt repayment strategies are quite simple and uncomplicated, yet it is quite difficult to implement them in real life. Here are the 4 surprising ways to cut down credit card debt burden.

1. Knock the door of your creditor: Creditors are not compelled to slash the interest rates on the cards. However, there is no harm in testing your luck once. Press the number of your creditor on your cell phone and induce him to reduce the interest rate. If the phone call doesn’t serve your purpose, then opt for the credit balance transfer method wherein you can get low introductory rate on the transferred debt.

2. Look away from the new credit cards: Close your eye when you see a lucrative credit card offer. If you really want to improve your debt situation, then you’ll have to change your habit of accepting the new card offers.

In case you’re the owner of multiple cards, then you’ll have to keep them in the cabinets. Don’t carry plastics in your wallet. This way even if you like a certain thing in the market, you’ll not be able to buy it via credit card. In other words, you’ll not get a scope to increase your credit card bill.

Check your credit score before opting for balance transfer method. In addition, pay off the balance within the promotional period.

3. Develop a rocking pay back strategy: A good debt payment strategy has lots of benefits. It assists you to pay off your debts, save money, save time and stay motivated.

You can choose a strategy where you make your goal to pay off the highest interest rate first. In this strategy, you’ll use all your financial resources to pay off the cards from highest interest rates to the lowest interest rates.

If you don’t have funds to pay off the card with highest interest rate, then you can choose yet another strategy. The strategy is to get rid of the cards with smallest balances first. Here, you keep on making the minimum payments on all the credit cards. However, you spend some extra amount on the card with smallest balance till it is completely paid off. Once you achieve your goal, you can shift your focus to the card with the next smallest balance. You’ll have to apply the same technique on this card also. In fact, you’ll have to repeat the same process till your credit card debts are eliminated.

4. Visit the online forums: You can open your laptop and visit the various online financial forums. In these forums, you can get in touch with the financial experts. These experts can tell you about the ways to get credit card debt relief.

The best part of these forums is that you can come across various people who are in similar situations. You can know about their experiences. You can find out how these people have become debt free. You can get the much needed emotional support and good debt advice from them.

Ryan Smith is an admired author of debtconsolidationcare community and is popular for his articles on debt consolidation. He has made a notable contribution through his articles, by providing useful information to those who are in debt. Some of his articles include Ways to pay off debt, sued for credit card debts, Debt consolidation Los Angeles and Credit card debt elimination program etc.

Article Source:
http://EzineArticles.com/?expert=Ryan_M_Smith

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