Hello-
There are really only 2 ways to get out of your mountain of credit card debt:
1. Earn more money so you can pay off your debts faster
2. Spend less than you earn
The best way is to combine both methods to quickly accelerate how fast you get out of debt.
There are some tactics you can apply such as getting the banks to lower your interest rates or transferring your balances to lower interest cards. But make sure you watch out for the balance transfer fees.
My Discover card keeps sending me a balance transfer offer of 1.9% for 12 months but it charges a 3% fee with a miniumum charge of $10 and a maximum charge of $99.
It doesn’t hurt to ask if your bank can waive that balance transfer fee.
You could also look into debt consolidation loans. Do your research first. Verify all the fees and use free online debt calculators to make sure how much money you are actually going to be saving.
Reduce your spending and apply all that money you’re now saving to pay off your debts.
In a short amount of time, if you combine earning more money and reducing your spending and applying that to debt reduction, you can wipe out big chunks of your debt quickly.
-The Credit Blogger