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Top 4 Ways to Eliminate or Prevent Credit Card Debt:

Top 4 Ways to Eliminate or Prevent Credit Card Debt:

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Way too many people are currently facing credit card debt. They are facing credit card debit due to numerous reasons. It could be because they recently lost their job, had another kid, a struggling college student.

 

Let’s be real, credit card debt is not fun! It is a headache and will stress you out. If you’re not too careful then it could have a horrific negative impact on your credit score.

 

In light of that, I’ve done quite a bit of research and created this amazing list of four great ways to eliminate or prevent credit card debt.

 

Shall we get started?


Here are my top 4 ways to eliminate or prevent credit card debt:

 

#1:

Snowball method –

If you’re already facing credit card debt from numerous places, then this method would be perfect for you. The snowball method is when you pay off the accounts by starting with the smallest or lowest card balance first all while paying . Do you catch my drift?

 

Here’s what you do:

  1. Create a list of your debt, ranging from the smallest debt to the largest debt
  2. Begin making minimum payments on all of your large debts not including your smallest debt
  3. Pay off your whole smallest debt
  4. Repeat the things listed above until all of your debt is paid off

 

Do you want more information on the snowball method?

If so, then visit Dave Ramsey’s website and he could explain it more.


#2:

Freezing Your Credit Card –

 

Yes, I said it! This method will help prevent you from overspending on unnecessary things that you do not need. As well as stop you from digging your debt even deeper than it already is or may be.

 

How can you freeze your credit card?

  • Go into your credit card company’s app on your phone
  • Call to request it
  • Visit their website and search for how
  • Visit your local bank branch

 

Freezing your credit card may be good if you are in a situation where you will not be able to pay the fees back on time. It’s better to be safe than sorry.


#3:

Increase Your Monthly Payment –

 

Don’t look so scared, if you ask your bank to increase your monthly payment, you will be able to pay off your debt quicker. According to The Balance, this is a great method.

However, you should only do this if you can afford to. If you cannot afford to do this then please skip this suggestion.


#4:

Submit A Request For A Lower Interest Rate –

 

Desperate times calls for desperate measures. If you do not have the money to pay off your credit cards then maybe it’s time to call up your creditor and ask them for a lower interest rate.

If your credit score is pretty good and your payments have been made on time, then your creditor will have no problem accepting and approving your request.


Overall:

 

Credit card debt is a stressful, but it doesn’t need to be. As longs as you have a debt repayment plan in mind and cut out all of your unnecessary spending habits.

 

Bonus: If you truly need assistance with your credit card debt you should try Nationwide Debt Reduction Services. They can help you reduce your debt.


Thanks for reading!

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