There are numerous ways to lower credit card debt, but what is essentially required is to choose the most apt plan relevant to your circumstance and to follow it systematically and meticulously. We will discuss few most popular ways to lower credit card debt with a minimal impact on one’s credit score.
The first three most popular ways to lower credit card debts are
a. Debt Consolidation.
b. Credit Counseling.
c. Independent pay day option.
These can be used signally or in combination to derive its maximum benefit. Make a thorough research on these and choose the one which goes best with your situation.
Debt consolidation gives the provision to pay off all your existing credit card debts with this. This leaves you with only one monthly payment to be made. You would find free and profit debt consolidation loan companies, and it’s your discretionary power which has to play its part to choose the right one.
Credit counseling It provides services which help you to negotiate a pay off plan with your current credit account & reach a consensus with your credit card account holders. Mostly you would find that they provide you with counseling for the future, to help you evade making the same blunders again.
Pay Day Option: In this you make smart payments to pay off your debt on your own, without any sort of help from external sources. To do this by your own, you first need to make a list of your current credit card debt accounts arranged in the descending manner. Pay off the one with the highest due first and continue to make the minimum payments to all other accounts to avoid non-payment. Once you successfully pay off the highest balance, move to the next and continue this process until everything is paid off. If you are worried about acquiring more credit card debt, the best thing would be to freeze your credit card in a block of ice in your freezer and pay for what you purchase with cash!
Regardless of whichever way you opt for to lower your credit card debt the most important part is to approach the process with a positive frame of mind and a never-to-die spirit. This is because; the process is time consuming and requires a lot of patience and meticulous effort to achieve success. Everyone makes mistakes, but the wise one never repeats it. Thus it’s not sufficient that you just get out of debts, but ensure that you never fall into this dark dungeon again.