10 Tips to Pay your Credit Card Debt Quickly | Paying Off Credit Card Bills
10 Tips to Pay your Credit Card Debt Quickly
Feel like you are unable to find solution to your Credit Card debt? Every time you seek to pay off the debt, you end up swiping your card again? Well, you aren’t the only one. If you do not make use of credit cards, as it should be, then you can get yourself into debt trap without doubt.
So, here are 10 tips that help you pay off your Credit Card debt quickly and pay off your credit card bills easily.
Admit To The Credit Card Crisis
The foremost thing to be done is acknowledging the crisis, that you are in a credit card debt and do not try to conceal the fact from yourself. Avoiding a dilemma will not make it go away. When you get your credit card statement, the initial thing that you are required to do is to determine the unresolved amount that needs to be paid.
List Down All Your Debts
Get a clear image of your finances and list down your entire unpaid debt to know the precise amount of how much you owe. When you go through and calculate expenses mentally, they don’t seem to be that huge, but, the moment they are out of your head, penned down on a sheet, they might seem to be frightening.
Set Personal Objectives
Now that you have everything penned down, the next step is to set constructive financial goals. But they are supposed to be practical. You can begin by setting up due dates for all of your Credit Cards. You can aim to clear the debt of one card in 6 months, and the second card within a year and so on.
Also Check – Types Of Credit Cards In India
Keep Your Expenses In Check
If you have gotten at ease with the lavish standard of living, then financially plan your expenses and stop carrying your credit card altogether. If you are heading out for celebration over the weekends then carry as much cash as you need and keep the credit card at home.
Raise Credit Limits
Elevate your credit limits- but in case you are inclined to have problems with overspending, do not undertake this. The purpose is to increase your credit limit on your credit cards so that your consumption percentage can be decreased. Yet again, this only works out in your favor if you don’t feel compelled to use the newly available credit.
The Income And The Outflow
As unnecessary as this may seem but it’s important to be aware of the inflow of all your money and how it is used up. So, we’d recommend that you make a list of these details too. While your income could be limited only to your salary, or you may have other resources of revenue but the list of expenses is certainly going to be longer. Write down all your expenses such as rent, loan EMIs, groceries, transportation, etc.
Resolve The Balance
This also an option if the issuer is refusing to help you, then you can think about liquidate a few of your possessions. You can also ask for a loan from your relatives and friends to pay hush money for the dues. If you don’t have an asset that you can liquidate without difficulty and if there is no one in your associates and family circle to approach, then you can take a personal loan
It is not just the preparation that’s essential but also executing it and keeping a track of it. If you go a little off the track, it is acceptable. However, make sure that you redefine your objectives consequently. If you are able to accomplish your financial objectives of clearing your Credit Card debt as intended, then you are on the right track for sure.
Swipe With Caution
Do not make use of a credit card to pay a huge amount if you plan to carry a balance. The compound interest will generate a huge load of debt pretty quickly. Credit cards must never be utilized as a long-term loan except in case you own a card with a zero percent introductory APR on purchases.
Balance Relocation Is Always There For You
At last, if you believe that a balance transfer might aid your circumstances, go for it. Of course, your credit Score is still required to be in check. A balance transfer will allow you to relocate all your debts to a Credit Card with a zero or low interest rate. Make sure you read everything about the Balance Transfer Credit Card before zeroing in on one. Also, don’t make new purchases on that card.