How To Pay Off Credit Card Debt

It can be easy to get-into significant credit card debt only to realize after the fact that you have no idea how to pay off the debt! If you are in the this situation – don’t worry – there are a number of ways you can pay off your credit cards and eliminate your debt!

We have compiled a five-step process for paying off your credit cards forever! Just follow the steps below and you’ll be one step closer to financial freedom!

1. Stop using your credit cards: The first step in paying-off your credit cards is discontinuing your use of the cards. If you can’t create further debt you’ve just solved half the problem! Take your credit cards and freeze them in some water in a plastic cup and keep them in the freezer. You must follow this first step to be successful with the next four steps!
2. Negotiate a lower interest rate: Did you know that you can call any credit card company and ask them to lower your interest rate? A simple phone call could save you thousands of dollars a year in interest payments. You can stop your debt from growing as quickly if you get the most competitive rates possible.
3. Pay more than the minimum payment: If you want to pay off your cards before you become a grandfather then you’ll need to pay more than the minimum payment. If you can’t pay more than this you might be paying this off forever! Get a second part-time job if you need to but just make sure you can pay more than the minimum each month.
4. Sign-up for relief programs: Credit card companies have interest rate release programs for those who qualify. If you are having trouble making your payments and cannot afford to pay each month then you will most likely qualify and find a generous rate reduction. The only caveat here is that you cannot use the cards while in the program – but heck – they are in your freezer so that shouldn’t be an issue!
5. Borrow money from family: If you can take it ask your family for money to pay off your credit cards. You can even offer them a 1%-2% interest rate so they make some money on the deal. This is one of the best ways to ward-off those pesky interest rates that increase the time it takes for your to pay off your debt.