Your debts are piling up and there seems to be no hope to reduce them anymore. Every time you swipe your card, you aren’t sure if it would be accepted or not since you aren’t sure if you have any balance left on your Credit Card. But ignoring your credit card bill reminders won’t make the whole problem vanish. It is high time that you take an action and clear out your debts. But how to do that?
Here is a systematic approach to making sure that you clear off all your credit card debts in no time:
Pay minimum debt amount on all your credit cards
The best way to ensure that you don’t end up with a late payment remark is by making a minimum payment on all your credit card bills. If you don’t have enough money to completely clear your dues, then you can at least pay off the minimum dues for that month and buy some more time for yourself. This will ensure that you aren’t charged any late payment fee and that your Credit Report is free of negative remarks.
Pay off the whole debt in one go
Another amazing way to pay off your debt would be to clear the whole amount in one single go. If you have enough money to clear the bill then don’t wait, just pay the whole damn amount and clear your credit card bill once and for all. This way at least you won’t have to worry about monthly payments anymore and your Credit Score will get a great boost.
Transfer your credit card bill to a low-interest credit card
If paying off doesn’t seem like a good idea to you, then there is another way to make your debts easier to pay. You can transfer the bill from a high-interest credit card to a low-interest credit card. This will clear up you’re on Credit Card and boost up your score and you won’t have to pay high-interest rates on it anymore. Basically, it is a win-win situation. As suggested by one of the best credit repair firms like Lexington law, This will help you improve your credit score while you’re at it.
Use your savings accounts to pay all the bills
If your bills and debts are way too high then I am sorry but you really have no option apart from breaking your bonds and taking money out of your savings accounts to pay off all the debts. It might not feel good to do this and it might be a little foolish too but if you want to save your credit score and not burden yourself with even more debt, then you need to use your deposit accounts to pay your debts once and for all.
Target just one debt first
If you are one of those who carries more than 1 credit cards, then one of the best ways to pay off your debt would be to clear your dues on your one credit card first. Choose a credit card which dues you want to clear up and then pay the whole debt off in one go. You can choose to pay a high-interest due first and then later you can pay your other credit card debts. The key here is to clear one credit card at a time.