How to Eliminate Credit Card Debt
If you are finding yourself overwhelmed by your credit card debt, you’re in good company. Credit card debt is an increasing problem for many people these days, with balances getting larger and larger and minimum payments increasing to unmanageable levels. But you really can lower your debt load by following a few very simple strategies:
1. Don’t Ever Pay a Late Charge
Late fees have been increasing by leaps and bounds lately, and grace periods having been getting shorter and shorter. Make sure you always pay at least your minimum payment on time. If you are absolutely unable to pay even that, then call your credit card bank and alert them. You might be able to buy yourself some time.
If you are late with even a single payment by as little as a day, there is a very good chance the bank will raise your interest rate, often by 50% or even more. Over time, this can can add up to charges far more significant than the late fee, whatever that is.
2. Get Your Interest Rate Reduced
If your credit card interest rate is too high, call your bank and ask them to lower it. Odds are, you could find a lower rate elsewhere, and your bank knows this. Challenge them on it. Tell them you can get or have been offered a lower rate, and ask them to match that rate. If they refuse, all you have lost is a phone call. If your request is reasonable, there is quite a decent chance your bank will drop your rate to a more manageable level.
3. Obtain a Brand New Credit Card
If your bank refuses to lower your rate, simply search for a lower rate card and transfer your balance. There literally are a large number of credit card companies that are more than happy to take balance transfers. Furthermore, even if you have made some late payments, thus causing your rates to rise, the odds are your credit rating hasn’t been affected. Banks usually alert credit bureaus when payments are significantly late (by a month or two). The thing is, as long as they haven’t reported anything to the credit agencies, you’ll have no negative items on your credit record, and you should be able to apply for another card, thus saving yourself some money.
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