Negotiate a Debt Settlement

What is the best way to eliminate Credit Card Debt ?

Public Comments

1. don't use your credit card and pay it off.
2. 1get a job 2 go to it 3get paycheck 4 pay credit card bill
3. Pay the most you can toward your credit card bill(s) every month, not just the minimum payment. Meanwhile, do not use the card at all, except for true emergencies, until the balance is at zero. After that, charge no more than you can afford to pay off in its entirety when the bill comes. This isn't that hard to understand, but it takes a certain level of responsibility and being able to defer those I-Want-That urges we all get. Eyes on the Prize will get you debt-free.
4. Pay the whole balance and then cancel the card.
5. My first question: How many cards and how much, total is owed? The rest of my answer is based on multiple cards. The best way is to conolidate and eliminate through refi. If you go this route pick a mortgage that, if you do nothing more than pay once a month, will be paid off in 27 years not 30!! Make sure that it is a fixed rate. Can you make extra payments and be sure that they are credited on the day received? Will they allow bi-weekly payments without charging you? If not this way, or you have too much and can't qualify, you should use debt stacking. On left side of page write the name and type of card and all interest bearing debts; to the right, list interest rate starting with the highest; to the right, minimum payment; and last, what you pay to each every month. If all bills are having extra money put into them this month, STOP doing so next month. For every bill, starting with number two and going to bottom, pay minimum payments. Take ALL extra pay and put on top of first bill. Keep paying this til it is paid, then roll that amount down on top of the second. Keep doing this until paid in full. Your credit will not be negatively affected. You keep up a good rating. Sure you pay a little bit more in interest, at the beginning, but by the third debt you are crushing all interest payments on these things. During this time, make purchases with cash. With the card you are paying on, DO NOT buy anything with it. If you have a couple of high interest cards and you get an offer for a 0% for a year to year and half, get it and make original minimum payments on it. Balance transfer as much as you can onto that card and DO NOT buy anything new.
6. Call the companies that you have your credit cards through and request a reduction in interest rate, customer service representatives are usually authorized to give 1 to 3% reductions. If they refuse to reduce the interest, request that they close the account. If they reduce the interest, call back a few days later and request that they close the account. The credit card that charges the highest interest, pay the most money towards it instead of trying to pay a little extra to each one every month. It creates more interest savings and generates better cash flow. I know this is not what you want to hear at this point but, after they are paid off, ease up on the credit card use.
7. Enter your debts into this calculator, then enter how much over the minimum you can pay. It will give you a monthly payment schedule. If you stick to it, you will be out of debt in the time it says. Be honest with what additional you can pay each month - it doesn't do any good if you can't keep to the schedule. Good luck to you! http://debt.bizcalcs.com/Calculator.asp?Calc=Debt-Elimination
8. Stop using the credit cards. put them away in a safe. Pick the cards with the lowest amount on it work on paying it off, maybe even double the payments, always pay more than the minimum amount due. If possible use income tax refund to pay a little extra IF YOU HAVE more than one then after one is paid off take the money you was paying on the other one and put it towards that one.
9. Cah and carry. That' s what you need.
10. If you are caught in the credit card debt trap, approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money. However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.
11. Simple, when you buy stuff, use your own money. In the meantime pay whatever you can afford into the credit card debt. Get a second job so for a while you'll get to earn more money. Some people will also get another credit card and transfer the debt into it. Some of these cards will give you 6 or even 12 months interest free so during that time you just pay the debt off and won't pay any interests.