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How to Plan to Get Out of Debt

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Getting out from under your credit card debt is a challenge, and it is especially difficult if you feel pressure to get out of debt right now. Carrying a balance on several credit cards only digs you deeper into debt with high interest charges adding to the amounts you already owe. It is possible for you to get out of debt, however, with dedication and a good plan.

  1. Call your creditors to negotiate a lower interest rate. Some companies will lower your interest rate if you simply ask. You also can tell them you plan to transfer your balance to another creditor, and they may offer a lower rate because they don’t want to lose you as a customer.
  2. Look into consolidating your debt with a lower interest rate. You can use a balance transfer offer with another card that gives you a zero- or low-interest deal. You also can get a personal consolidation loan to roll all of your bills into one loan with a lower rate than what your credit card companies are charging you.
  3. Examine your budget, and cut unnecessary items. If you want to get out of debt now, you will need to make some sacrifices, even if temporary. Good things to give up include eating out, premium television service and a new coat when the old one will do. These discretionary spending items really add up, but you don’t need to make these expenses to live. By not spending on these things now, you can put the money toward those mounting bills you must pay your creditors.
  4. Search for ways to earn extra income. Get a part-time job or work overtime. This also can be only temporary until you get out of debt. The more you make, the easier it will be to get out of credit card debt quickly.
  5. Plan to put all extra money toward paying down debt. If you allow money to stay in your bank account, you may be tempted to spend it. Contact your bank about setting automatic payments to deduct from your bank account and go directly toward paying your debt.
  6. Cut up your credit cards and commit to keeping your spending in check. You cannot get out of debt at all, much less get out of debt quickly, if you are still using your credit cards.

This will not be an easy process, but we are here to help you. We will guide you every step of the way. Schedule an appointment with us today. Check out our post 7 Best iPhone Personal Finance Apps. These cool apps will allow you to have money management at the tip of your fingers.

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