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Eliminating Credit Card Bills – 7 Methods

September 23, 2011

Eliminating Credit Card Bills

Credit card bills are really annoying and just don’t seem to ever want to go away. This might be the long term case for many, but for you, it can be a lot more short term by using a few debt relief tools that will provide for you. By using these tactics you can manage and pay off and eliminate credit card bills for good.

credit card bills

7 Ways To Eliminate Credit Card Bills

  1. Negotiate – The first tactic you can use on your quest to elminate credit card bills would be to call and try to negotiate a lower rate, both on your total debt and or interest rate. Credit card companies often times have access to funds which are at a much lower interst rate, or may even offer you a card through them that has a lower interest rate.
  2. Snowballing – Credit card bills can also be eliminated by using the snowball method. This method is when you pay the minimum payment on all of your cards except the one with the lowest total, which you pay more than the minimum. This will allow you to focus on paying one off at a time and pay if off fast, instead of trying to pay them all off at the same time. This can also work by paying more on the one with higher interest so that you won’t be stuck with a high for long term.
  3. Save For Retirement – Saving for retirement can allow you to get a tax write off on your savings. You can use this tax write off towards your credit card bills and if you choose to do so, you can take out your savings and use it towards your debt as well.
  4. Getting your bank to pay it off – You can try to get a loan from your bank that you can use to pay off your credit card bills. By doing this you will get a secured loan which always have much lower interst rates than credit cards. This will also allow you to avoid consolidation which is the same idea where they give you a loan, but it often times affects credit.
  5. Make A Budget – This is pretty cliche and is mentioned in many article on eliminating credit card bills, but it is such a oftenly dismissed tactic that can provide you with much value. By creating a budget, you can view where you money is going each month and eliminate certain things that you don’t reall “need”. Don’t eliminate the same thing forever, just maybe for a month or two, then bring it back and take out another thing for a couple months. By doing this you will have extra money to use on your debts and enable you to crush out you credit card bills.
  6. Pay more than the minimum – Always pay more than the minimum! The minimum payment is designed to keep you in debt for the longest time possible, which means you paying much more in interest. By paying more than the minimum you will save big on what you would have paid in interest and get rid of your credit card bills.
  7. Stop Using Your Card – To take advantage of these methods at the highest level, it would be a great call to stop using your credit  cards, or at least stop using one or more and maybe just keep one for emergecies.

By applying these methods of credit card bills elimination you can pay your bills off much faster and get better terms as well as more peace of mind. These methods can help you avoid bankruptcy and get you out of debt and back in the green!

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