Debt Consolidation

Tips To Pay Credit Card Debt Without Using Any Consolidation Program

It is true that a genuine can be an excellent way to pay credit card debt, but that is not the only solution available out there for you. There are plenty of alternatives that you can try to get rid of the mounting debt problems. If you are unable to find out a genuine credit counselor or debt settlement agency, there is nothing much to worry about. You can still achieve your financial goal efficiently; all you have to do is just to follow these tips.

Prepare A List

First of all, you must be well aware of the severity of the debt problem you are facing. In order to get a clear picture in this regard, you should prepare a list of all credit cards that you have, the amount of money you owe on each card, the rate of interest, and the minimum monthly payment.

Do The Math

Using the information you just noted down on your notepad, the next thing you have to do is to find out how long it will take to pay credit card debt if you keep making just the minimum monthly payment. Once you find that figure, roll up your sleeves again and find out how sooner you can clear your debts if you pay $25, $50, $75, $100, or even more in addition to the minimum amount that you are required to pay. When you do this calculation on paper or by using a spreadsheet on your computer, you will be able to see the plan – the calculation will tell you if you pay a certain amount of money extra every month, you will be able to achieve a debt-free life much sooner (you will know the due date). Alternatively, if you want to pay off all your debts within a certain number of months (such as within one year), you should do the calculation and find out how much money you will need to pay every month in order to achieve your goal. Depending upon your specific preferences, you can plan accordingly.

Make A Detailed Plan

Make a detailed plan to pay credit card debt. This plan should explain how much amount you are required to pay every month on every card. You should put the high rate debts at the top and try to pay it off first. Get this plan printed on paper and keep it with you.

Do Some Tight Budgeting

You have a plan now, but probably what you do not have is the extra money you are supposed to pay every month. For this, you will have to do some tight budgeting. Even if that means frugal living, you should go for it. If even by cutting down your expenses to minimum, you are unable to arrange the required fund, you should consider getting a second job.

Overall, in order to allow this plan to work, you will need that strong dose of determination and financial discipline. In fact, this statement is applicable even if you consider using a program to pay credit card debt.


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Posted in Credit Card Debt Consolidation, Debt Consolidation | 2 Comments »

2 Responses to “Tips To Pay Credit Card Debt Without Using Any Consolidation Program”

  1. ao credits says:

    Thanks for your helpful Post, I hope you have a good day!

  2. Richard says:

    Consolidation program for paying the credit card debt is really a good idea to make your life debt free. Although it is not an easy task to plan a consolidation program yet it can be done very effectively by any individual. There are so many agencies and counselors in the market but they charge a good amount and it is very difficult to choose a genuine company. So, take it as a challenge for you and make a plan on your own. First of all gather all the documents like the credit reports of all the credit cards now start your computer or pick pen and a paper and make a well arranged list. Calculate the amount you have to pay extra every month and the picture of your debts is here. Budgeting is the key factor of this program you have to follow strict discipline in your financial fields, not only you but your family also follows the rules of budget then you can make your life debt free. It is very correct that the budget should be available in detail. It will explain you how much are required to pay every month. So, to make your life smooth, follow the tips strictly

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