Develop a Strategy for Reducing Credit Card Debt in 36 Months

Reducing credit card debt is on the minds of millions of people across the world. Credit cards can be crippling if you let them get control of you. If you know how to manage them, they can be a valuable tool in your financial arsenal. However, they should not be looked at as a way to get by. They are there as a luxury, not a way of life. Therefore, if you have accumulated too much credit card debt, it should be at the top of your priorities to get out of it. Developing a strategy to get out of credit card debt is essential. Depending on how much debt you have, it might take longer than you want. However, once you are out of debt, your life will be greatly improved. Here is a way that you can get out of debt in 36 months.

Assess Your Situation

The first thing you need to do is sit down and assess your credit card situation. If you have several different credit cards, gather all of the different statements together and study them. Add up your total credit card debt so that you will know exactly how much you have to tackle. Look at the different interest rates offered by the cards. Determine which cards you should eliminate first and which ones are costing you the most. You have to get an idea of where you are at if you want to know where you are going.

Come Up with a Plan

There are a number of proven ways that you can get out of credit card debt. Decide on a strategy now so that you can implement it. One popular method to get out of credit card debt is through credit counseling. This method involves hiring a third party to help you put a plan in place to repay your creditors. They will contact the credit cards for you and negotiate a lower interest rate for you. You will then pay them one monthly payment and they will distribute it to your creditors. With this method, you can pay off your cards faster than you would be able to normally. During this repayment period, you will most likely not be able to use your credit cards. Therefore, you have to make a decision on whether this is the best method for you or not.

Another method is to transfer your card balances to a card with an introductory zero percent interest rate. This will allow you to pay down the balance without paying interest.

Follow Through

Once you have a good plan in place, it is essential that you follow through with it. Just coming up with a great plan will do you no good unless you put it into action. Make it a priority to get out of credit card and make all of your financial decisions based upon that as the ultimate goal. Once you get your cards paid off, you can move on to bigger and better things.


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