Accelerate: The fastest Way To Pay Off Debt
When people are in debt, their main focus is getting out of debt and as quickly as possible. However, many people have so much debt that they don't know where to begin. People often start off strong and then find themselves making little progress on actually paying down the debt. There are ways to jump start your debt reduction plan, and best of all, they don't take long at all to complete!
Slash your rates
I’m sure you have heard this before and questioned whether or not it could possibly be true. Well it is; you can call your credit card companies and ask them to reduce your interest rates. Provided that you pay on time, most credit card companies will reduce your rates a little bit. Tell them that you have been a customer for a while and have enjoyed doing business with them, but would like your interest rates lowered. Don't try to negotiate for too low rates; it will never happen. Instead shoot to lower your rates about 5-7%.
Cut them up
That’s right, cut up your credit cards. Leave one for absolute emergencies, but the rest can be destroyed. Make sure you have your credit card numbers and other information in case you need to contact your credit card companies, but as long as you can't carry the card around, you can't spend on it either.
Low Limits
Another way to accelerate your debt is to call the credit card companies and ask them to lower your spending limits. Obviously you can't make them lower than the balance on your card, but the lower they are the less you can spend.
Pay more than you have to
Many people just get by and pay the minimum balance due. This will get you nowhere! You are only paying interest and hardly paying anything off the actually balance of the card. Pick the card with the highest interest rate and work on it first. Pay as much as you can to that card every pay period. Pay a little above the minimum on the others until the first is paid off and then move onto the next.
Our Recommended Debt
Consolidation Companies: Our Recommended Debt Consolidation Companies:
Bad Credit Loan Sources
- If you have less than perfect credit, you need this list
- Don't let bad credit stop you from getting a loan
- If you are tired of hearing NO, these lenders say YES!
Helpful Tips:
- Apply with more than one company to compare offers.
- Study your options before committing to a debt program.
- Cut out small luxuries to pay down debt at the beginning of your debt reduction program.
Debt consolidation companies vary in what types of consolidating solutions they offer. There are debt counseling companies, debt settlement and negotiation companies and debt management companies.
Debt Counseling - Debt counseling companies offer, usually, non-profit services to help you reduce the amount you owe on your debts. However this service may hurt your credit ranking. Talk to the company and find out if what they do will affect your credit ranking.
Debt settlement and negotiation - This is a process where a company will negotiate a lower payment or lower amount owed to the lender, on your behalf. Sometimes this can hurt your credit also. Debt settlement companies vary in their techniques. Before you choose a company, make sure you read through some reviews about that company before you start.
Debt Consolidation - Debt consolidation is where you take out a new loan in order to consolidate and pay off all existing debt. This usually lowers your overall payments and reduces the amount your paying every month. Not only does debt consolidation not hurt your credit, but it can actually help it.
|
