{"id":674,"date":"2018-06-05T05:26:35","date_gmt":"2018-06-05T05:26:35","guid":{"rendered":"http:\/\/www.development-work.com\/mydebt\/?p=674"},"modified":"2020-10-31T05:27:47","modified_gmt":"2020-10-31T05:27:47","slug":"omit-credit-card-debt-through-5-rock-solid-ways-2","status":"publish","type":"post","link":"https:\/\/www.mydebtacademy.com\/bankruptcy-counseling\/omit-credit-card-debt-through-5-rock-solid-ways-2\/","title":{"rendered":"Omit Credit Card Debt Through 5 Rock-Solid Ways"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\" style=\"line-height:1.4;color:#747474;font-family:&quot;Poppins&quot;;font-weight:300;\"><p style=\"text-align: justify;\">here is no one approach to paying off your credit card debt. What does this mean?<\/p>\n<p style=\"text-align: justify;\">Well, the inexpensive way for you to eliminate debt might be an expensive one for your fellow citizen and vice versa.<\/p>\n<p style=\"text-align: justify;\">This post will throw a light on five such ways through which you can attain credit card debt relief. Starting the list with the least expensive method, discover which option is best suited for you.<\/p>\n<p style=\"text-align: justify;\">Here we go!<\/p>\n<h3 style=\"text-align: justify;\">1. Use Every Resource to Attack Debt<\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"size-medium wp-image-769 aligncenter\" src=\"http:\/\/mydebtacademy.com\/wp-content\/uploads\/2018\/07\/attack-debt-300x200.jpg\" alt=\"Omit Credit Card Debt\" width=\"300\" height=\"200\" \/><\/p>\n<p style=\"text-align: justify;\">This tried and tested method won\u2019t cost you a dime, but it will take something that most of the people lack &#8211; Time &amp; Energy.<\/p>\n<p style=\"text-align: justify;\">This aggressive approach will work like a charm if you stay organized and carry some savings or income to push towards your debt. You can take the first step by following these:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Make your mind to discontinue using your credit card (or cards) and only deal in cash for vital expenses.<\/li>\n<li>Prepare a complete list of the amount of debt, minimum payment, interest rate, for each of your credit cards.<\/li>\n<li>Use either the <a href=\"http:\/\/mydebtacademy.com\/debt-snowball-method\">Debt Snowball<\/a> method or the Debt Avalanche method to terminate one balance at a time while keeping up with the minimum payments on other cards.<\/li>\n<li>Revise or create your budget to include the selected debt payoff method while getting rid of unnecessary expenses.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Once you get the budget in place, you\u2019ll have a fair idea of whether you have the needed income and savings to follow your debt. Getting a raise at work, Picking up an extra shift, initiating a side hustle, or receiving a good tax refund could be really helpful.<\/p>\n<p style=\"text-align: justify;\">In case you don\u2019t have the means of keeping up with payments on your high interest \u2014 let alone making the extra ones \u2014 you can opt for other options that you will find next in this post.<\/p>\n<h3 style=\"text-align: justify;\">2. Bring into Play the Balance-transfer Card<\/h3>\n<p style=\"text-align: justify;\">A good credit score can go a long way, and this point proves it why. If you have a decent credit score, then you can take an advantage of transferring the balance from your existing card to a new one at a lower rate of interest. There are some cards that offer 0% annual percentage rates (APRs) for a limited time period and don\u2019t charge any transfer fee during an introductory period.<\/p>\n<p style=\"text-align: justify;\">For some, this method might be counterintuitive because of the way it works, which encourages your reliance on credit cards. However, the process is not for everyone, as you\u2019ll need a strong credit score to be eligible for that kind of low-interest rate, no-fee card.<\/p>\n<p style=\"text-align: justify;\">Also, you\u2019ll need to make sure that there are savings or income to pay off the balance on your new balance-transfer card in between the 0% introductory APR time limit. Or else, you\u2019ll be right back where you have started.<\/p>\n<h3 style=\"text-align: justify;\">3. Consider a Credit Card Consolidation Loan<\/h3>\n<p style=\"text-align: justify;\">Paying off credit card debt can be an eyesore because of its high-interest rates, costing the debtors a lot.<\/p>\n<p style=\"text-align: justify;\">One moderately fair way to counter your debt repayment is to replace it with a\u00a0credit card consolidation loan, which is also recognized as a debt consolidation loan. This offers you a chance to avail a new loan to pay off your credit card balance but at a lower interest rate.<\/p>\n<p style=\"text-align: justify;\">Some other benefits of consolidation include:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Making a single payment instead of paying different payments to creditors<\/li>\n<li>Paying a fixed interest rate of the loan as compared to a credit card\u2019s variable rate<\/li>\n<li>Benefiting from having a payoff date according to the loan term instead of the vast cycle of credit card debt<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\">4. Sign up for a Debt Management Plan<\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"size-medium wp-image-770 aligncenter\" src=\"http:\/\/mydebtacademy.com\/wp-content\/uploads\/2018\/07\/manage-300x200.jpg\" alt=\"Omit Credit Card Debt\" width=\"300\" height=\"200\" \/><\/p>\n<p style=\"text-align: justify;\">You might have thought or tried to contact your creditors to place a request about waiving fees, lowering your interest rate, or even settling your debt.<\/p>\n<p style=\"text-align: justify;\">If these efforts were in vain, then you could put your name down for a <a href=\"http:\/\/mydebtacademy.com\/debt-management-plan\">debt management plan<\/a> or program (DMP) that comes via a credit counselor.<\/p>\n<p style=\"text-align: justify;\">A counselor can assist you to plan a budget to pay off your debt, and also establish contact with your creditors on your behalf.<\/p>\n<p style=\"text-align: justify;\">Using a DMP, you can consolidate your debt into one monthly payment. In addition, you don\u2019t need a good credit in order to enroll in a DMP. However, using it could take minimum four to five years to clear your debt.<\/p>\n<p style=\"text-align: justify;\">Be wary of that debt relief company which promises to shake your debt right away. It could be a scam.<\/p>\n<h3 style=\"text-align: justify;\">5. Announce Bankruptcy<\/h3>\n<p style=\"text-align: justify;\">Bankruptcy should be treated as a last resort, simply because it is considered as the most expensive way to get credit card debt relief.<\/p>\n<p style=\"text-align: justify;\">At first, it might seem like a good opportunity to wipe your slate clean, but a bankruptcy affects future in a big way. In some cases, it can stick to your credit reports for a decade, which ultimately can harm your ability to buy a home or even find a decent job.<\/p>\n<h3 style=\"text-align: justify;\">Solution According to the Situation<\/h3>\n<p style=\"text-align: justify;\">If your objective is to search for an inexpensive way to beat your credit card debt, then you might be concentrating on your problem in the wrong way. Instead, your mission should be to consider all available solutions and choose the most beneficial one according to your situation.<\/p>\n<p style=\"text-align: justify;\">If you earn a good income or have solid savings, for instance, chances are that you can try to manage your debt without any help. If not, then there is always an option of hiring the professional help.<\/p>\n<p style=\"text-align: justify;\"><em>The best option for others won\u2019t essentially means that it would also be the right option for you. You need to take a good look at your own financial situation before picking up an optimum solution.<\/em><\/p>\n<\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,6,7,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/posts\/674"}],"collection":[{"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/comments?post=674"}],"version-history":[{"count":0,"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/posts\/674\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/media?parent=674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/categories?post=674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mydebtacademy.com\/wp-json\/wp\/v2\/tags?post=674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}