How to Pay Off Credit Cards!

I know being in debt can feel like an overwhelming burden that you just can’t shake. You can’t sleep, you are fighting with your spouse or partner, and you don’t know if you’ll have enough money to meet the payment schedules for your loans and credit cards. Don’t worry, there are ways out of debt.

Here are our best tips to pay off credit cards:

1. Rework your budget: Take a good look at your budget and see what expenses are eating up at your income. If there are a lot of frivolous expenses, such as subscriptions you don’t need, morning coffee runs, Chinese food lunch, etc. cut these types of things out and start allocating that money towards getting out of debt.
2. Increase your income: If your budget is not matching your income, meaning the expenses are way more than what you are bringing home, consider a way to increase your income. Maybe it’s time to look for a new job or find a part time job. If you are strapped for time, see if there is a way to make a hobby into cash! Look into selling crafts on Etsy. If you are not crafty, think of a one-time way to make extra money, such as selling household items you don’t use anymore online or having a garage sale. These moves will help you allocate more money towards paying down your debt and eventually getting out of debt.
3. Downsize your home and major expenses: Many times, the reason you fell into debt is because you are simply living beyond your means. Your houses expenses are simply too high, especially if those expenses are more than 1/3 of your budget. We know that most people don’t want to accept that you are living beyond your means and that you have to make some major changes. Downsizing your home or getting a less expensive car can pay off credit card debt by giving you more cash flow in your budget to allocate towards debt payments to get out of debt.
4. Pay off credit card debt and other high interest loans: Once you have adjusted your budget and maybe even increased your income and downsized your home or car, start putting this money towards paying down debt. Make more than the minimum payments on your credit cards. Try to make multiple payments a month. If you are working on paying down a large debt such as a mortgage or student loan, try making an extra payment at the end of the year. Take any lump sum money you receive, from tax returns or birthday gifts, and apply it directly to the debts! This is the best way to get out of credit card debt.
5. If all else fails, seek professional help: If you are struggling to repay your debts on your own or find the process to stressful, don’t be afraid to reach out for help. There are many companies, debt law firms and non-profits that are designed to help you resolve your debts and eventually get out of debt. The best bet is to consult a debt resolution law firm that concentrates solely in debt relief, debt resolution or debt settlement. These debt law firms will work directly with your creditors to negotiate your unsecured debt for less than the current balance. It doesn’t actually cost more and can be a big help to getting out of debt.
   There are also companies that provide debt settlement work, but in the past they have been known for scams, so be careful before signing up for their debt relief services. Do your research and make sure they have been in business more than 5 years and that they are properly licensed by your State. Also, debt settlement companies cannot charge any upfront fees. You will want to meet with them in person for a no charge consultation and have no unresolved negative reviews online.

Debt relief is available to you to help you get out of debt the right way! Try out these options and consult a professional to find out what the best debt resolution option is available to you.