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Carrying a credit card debt is a financial constraint in enjoying your life to the fullest. It’s very important to pay off credit card debts in order to attain financial security for your future endeavors. It’s really important to get rid of your credit card debt to regain freedom of your life.

There are few steps by which you can attain freedom from credit card debt:

1. Accept responsibility

The first step to get free from a credit card debt is to accept the fact that all the debts are your own and not anybody else’s. It’s not a good idea to escape from this reality if you really want to come out debt free. It’s an universal truth that getting into debt is mostly the result of ignorance. Hence, the only way to come out of it is realizing your ignorant behavior and accepting responsibility.

2. Track and reduce your spending

Note down all your spendings. You can make an excel sheet or pen down where you are spending each penny. Do this for a week, and at the end of the week review your spendings minutely. Check everything where you’ve spent and ask yourself if you really needed to buy a particular item or you could have stayed without it. It’s important to prioritize where your money is going and cut off extra spendings.

3. Attempt to earn some extra income

It might be very difficult to become debt free with the your regular wages and income. Hence, overtime can be one option by which you can earn some extra income. If overtime is not a practical solution, you can think about a part time job or even sell your old junk or stuffs that you do not need, which is just lying behind in your house.

4. Avoid using credit cards

Stop using credit cards for spending on products or services that are not very important. You must keep paying minimum on all your credit cards and stop increasing the debts by using them for extra expenditures which are not urgent. You can think of transferring your largest credit card balance to a low or zero interest loan until all your debts are paid off.

5. Try negotiating your interest rates with your credit card company

Credit card companies are most likely to reduce your interest rates if you’ve a good and clear payment history. They would not want to lose a customer if you’ve a clean record, so they might lower your interest rates with a simple phone call. Even if you do not have a clear record, they might consider negotiating with you and lowering your interest rates. Ultimately, they want their cash back even if it’s at lower interest rates, rather than losing everything if you consider of declaring bankruptcy.

6. Execute snowball method

Make a list of all your credit card debts starting from smallest to highest. Decide a minimum amount that you can pay on every debt. If you have any extra cash left pay it on the card with highest interest, until it is completely paid off. Once you’re through with the credit card debt with highest interest, add the minimum of the old debt plus the extra cash to the second highest interest rate credit card. By using this method, soon you’ll notice a reduction in the number of credit card debts.

7. Pay on time

The most step to get out of credit card debt is to pay on time. Consistency is the key to a debt free future. You need to be disciplined if your really want to attain freedom from your credit card debt. After you've negotiated with your credit card company, and followed a strict budget, make sure you don’t miss your payments. This will make your life credit free and will also help to get back the trust with your credit card company.

Following these 7 steps genuinely is the key to independence from your credit card debts. This cannot happen overnight of course, but only by following a strict regime. The result, however, will be worth all the freedom you get from your credit card debts.

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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