Most people may never get to imagine the phrase, “it is fun to” come up in a conversation that includes “paying off your credit card debt.” And with good reason too, as a lot of people associate debt payments with living under a rock while taking ramen noodles for meals or even cutting off the bottom part of a toothpaste simply to scrape off the last bits. All of which is no fun.
But then again, as with almost every other problem, there are simple yet fun solutions that you can use to rid yourself of credit card debts. Here is a short list of some tips and tricks that you can use to see to it that you pay off your dangling credit debts in no time.
1. Calculating Your Total Credit
The first step towards paying off all of your debt is to know the exact amount you owe. Go back to the roots of all problems, the debts you took, the interest rates they have accrued plus any other fees added to them. The easiest way to go about this is to get the full list of the exact amount you owe is by applying for and getting your credit report. All of your debt amounts, interest rates accrued, plus other fees charged will be recorded in your credit report.
2. Debt Consolidation Ought To Be An Option
So, not that you know the exact amount you owe, it is now time to work out how you can consolidate the debt. Doing this will help curb the stress of having to work out all the different monthly bills that you have to pay which can be quite confusing and time-consuming, thus, unpaid debts and accrued interests.
A consolidation plan will ensure that, instead of writing several checks, you only write one. Plus, your interest rate will also be lower which will, in the long run, save you a lot of money. It’s basically a win-win scenario both for you and for the creditors.
3. Your Repayment Cycle Can Have Several Repayments
Admit it, paying multiple debts at the end of each month plus having to deal with other living expenses feels like a shipwreck over and over. You have a credit card bill, a payday loan, and store credit card looming above you like all the time.
The best way to curb this is to start making bi-weekly payments instead of once a week. You can also just make one-time extra payments if you have difficulty making extra payments every two weeks. It will help get a huge financial load off your back. Finally! A breather!
4. Carry Your Negotiation Skills To The Table
If you haven’t ever noticed before, almost all of the rich folks in the world work out how they can negotiate any and everything they want to purchase. Be it a mansion or just a couch. Everything is negotiable. At the end of the day, you would be surprised at the amount of cash you would be saving just by haggling. Negotiate your utility bills, your past-due bills, your car payments, cable tv subscriptions, etc.
5. A Garage Sale
Nobody is always too generous or willing to see the stuff they bought to go to someone else even if they aren’t really using it. But what is the need of having all that stuff that you are not really using just sitting there when you can sell them and use that extra cash to pay down your Northcash loan? It does not make sense really. But most people don’t always see it that way.