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Four tips you need to try when you are trapped in a debt vortex

>> Apr 15, 2016

Today, some people have and use credit cards as a medium of non-cash transactions. The credit cards make all transactions easier, even the cards offer some discounts to their users. But of course there are some consequences to be paid when you use the cards. For some people it does not matter, but for some others, sometimes it becomes a new problem. As a result, instead of making your life easier, the use of credit cards will burden your life. In this article I will share some tips to erase your credit card debts.

Here are the tips:

1. Know Your Debt

According to Chatzky Jeans, a popular debt book author, the credit card bill is the most demanding debt and that’s why Jeans suggests that if you want to get a freedom from debts, the first one you need to deal with is the credit card debt. How? When you intend to get out of credit card debt bondage, of course, you have to find out first how many your total debts now. After that, start making a target of how much debt you can reduce within a period of time you specify by yourself. Afterwards, you can step into the next stages.

2. Stop Swiping the Cards!

Before you finish all your debts and before you step into the next stages, try to stop using your credit cards, at least the card you want to pay to. Try to refrain. To be sure, do not use credit cards with great interest. Remember that when you intend to pay off credit card debts, there is only one basic rule: Pay off the highest-interest debt first, because, it is the most burdensome debt.

3. Talk to Credit Card Provider

When you are no longer able to live with a number of bills that are increasingly suffocating, contact your credit card provider. You can express the problems causing your inability to pay the debt. But you should realize that they will still want you to bring back all debts that have been used. Well, this is where you have to have the courage to show the attitude so that you are not easily bullied and you are ready to negotiate. The advice is to not show any fear.

4. Negotiate Your Debts

When you clearly state that you are really not able to complete the whole of the debt, the bank will usually offer you an installment schedule as a solution. They may recommend you to do what called “consolidating your debts into one debt with relatively lower interest”. However, if you don’t want to take their offer, you can go further. I am giving you a simple advice that you can ask your creditors to eliminate the fees, because it can reduce the total burden of debts that you need to pay off. Usually, the publishers enforce bleaching policies for debts that have passed.

I hope four tips above can help you to immediately go out of indebtedness.

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Welcome to my blog. I'm a home maker, a stay at home wife. I'm just an ordinary woman who has interest in reading, working at home and learning to write. We live in Bogor, Indonesia.
This blog contains articles in family topic.
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