How to get out of credit card debt fast: If you have a high balance on your credit card rates, and the usual sky-high interest rates, it can take FOREVER to pay off. Trust me–I know! I once purchased a car for $10,000 on a credit card, and I soon found myself in a tight situation. This can be a terrible situation to be in, but there are ways to escape it. What are some ways to get out of credit card debt fast?
How to Get Out of Credit Card Debt Fast!
The only way you are going to get out of debt fast is by 3 methods:
- Lump Sum Payments
- Lowering Your rates
- Debt forgiveness (don’t bank on this one)
Paying Lump Sum Payments on Credit Cards
Lump sum payments are the easiest and fastest way to get out of debt. If you can find creative ways to get lump sums of hundreds (or even thousands depending on your balance), then you can quickly pay off the principal, which will quickly wipe your debt off the books. If you pay only the minimal payment each month, and have at least 5-8% interest, then it will take a very long time to pay off your card. You will also have payed thousands in interest charges in the process.
Instead, find ways to raise lump sums to eliminate this debt. Sell some unwanted items on eBay or craigslist. Most people are shocked to realize they probably have at least $2,000 in Cd’s, DVD’s, video games, etc. that they can live without, and get enough cash to get out of debt quicker.
You can also work harder, spend less, and save like crazy!
Lower Your Interest Rates on Credit Cards
Negotiating a lower interest rate (even if only for a few months), can help tremendously lower your principal balance. This may seem hard, but it isn’t. I still remember calling at a young 18 years old (being timid, shy, and nervous), and I was able to negotiate lower interest rates.
Just call the customer service number, be very friendly, and simply explain to them that you are having trouble paying your card, and it would really help if they could lower your interest rate, or offer you a promotional rate. In most cases, they will be happy to do it, and it only takes a second!
Trust me, it may seem hard or nerve racking, but you will be so glad you did this!
Asking for Debt Forgiveness
The last main option you have to get out of credit card debt is debt forgiveness. Sometimes, credit card companies may opt to forgive your credit card balance (or a portion of it), and will not make you pay.
This is rare and a company usually only does this if you have not been paying your bills, and so forth. So I wouldn’t even really bank on this one. But if you have struggled to pay it off, they may just forgive your debt, or at least lower the amount you owe. Plus, any amount they “forgive” will count as income on your taxes…sorry!
Conclusion: Getting Out of Credit Card Debt is Possible!
If you are staring at a mountain of credit card debt, and feel as if there is no hope, chin up! You can do it. It may take hard work, creative thinking, and persistent negotiations, but you can get out of debt fast. Just work hard, save hard, be thrifty, and you will realize your goal of credit card-free debt in no time! Good luck!