debt reduction
Date: Wed, 07/14/2010 - 19:29
The best way to reduce your debt is paying it off. First try to
The best way to reduce your debt is paying it off. First try to bring down the balances on the cards which are over the limit. You should also try to minimize credit card usage, as much as possible.
To pay off debt fast, and become debt free you should be able to pay more each month. Rather than making a single monthly payment on an account, you should try to make at least 2-3 payments on the account. This helps in paying off debt much faster. Moreover, creditors generally charge high interest rate if you carry high balance on cards. This will help in reducing debt much faster, and also improving your credit all the more.
However, if you are wanting to reduce the debt amount, the only way you can do that is debt settlement. However, this will hurt your credit. Before you can settle your debt, you will have to miss your payments, thus hurting your credit.
This helped
Quote:
Originally Posted by brendavandenhende I have a question my husband and I have quite a bit of credit card debt we would like to get out from under. Altogether, about $15,000 give or take. I have fairly good credit and I don't want to ruin my credit score. But we are tired of being in debt. All of our cards are paid on time for the most part was have a few cards that are a little over limit. What is the best way to reduce our debt without ruining our credit. |
I checked out comeunderreview.com/debtrelief/ and they have several companies there they checked out... They are especially good for people that have more than 10.000 dollars debt...
Creating a debt load is far easier than reducing it. There are v
Creating a debt load is far easier than reducing it. There are various methods which can help you to reduce your debts like debt settlement, debt consolidation or filing bankruptcy, but they can also lead you to low credit scores. Instead, if you and your husband change your daily habits effectively, you might be able to save a lot and pay off your debts without hampering your credit score.
First of all, try to create a monthly budget. Check out your necessities and luxuries. Cut back on your luxuries and add the amount you save from luxuries to your debt payments.
Second, don't go for monthly payments. Try to make bi-monthly or weekly payments on the account. This will not put much pressure on your finances and can really pay off your debt faster. In order to make more money, you can go for some online jobs or you can sell some your stuff online. There are many good sites which will give you good money. You can use this money to reduce your debt amount faster.
Lastly, till the time all your card balances come within the credit limit, try to use them as less as possible. This will save you from accumulating more debts. Also, try to pay off the credit card with the highest balance first since creditors will charge high interest on cards with high balance.