Paying Off Your Credit Card Balance

Paying Off Your Credit Card Balance

Do you have nightmares about settling your credit card debts? Do you dread those calls that keep coming when you pass your due date for payment? If it’s any consolation at all, there are thousands of people in the UK alone, just like you, who find it difficult to pay off their credit card balance. While we would all love to forget our debts, the stark fact is that debts have to be paid; and the easiest way to do so is by not letting your debts grow out of hand. The longer you leave it, hoping it will disappear, the worse it will be for you. So act now and act fast by starting with a few simple steps that will take you on your way to a debt free life.

  • Dig into you files and check out all the debts you need to address to. See which ones are the most urgent and the ones that you give you sleepless nights. List them in order of priority   Keep in mind, if you have any mortgage payments, they should be the ones that must be seen to immediately unless you don’t mind losing your home.
  • If you had the sense to pay the minimum payments due each month, your credit score at least would not be in danger. This is vital to your financial future and should be addressed immediately.
  • If one of the reasons for your bad debts is pure carelessness or negligence, and if you have stashed money in a secret account, do try and   settle at least some of them, it’s best to do so as soon as possible, because your savings will be no value if your debts keep snowballing out of hand.
  • Make a list of your monthly income and the fixed payments for utilities, grocery, and children’s education and see how much remains.
  • Think very carefully as to how you can cut down costs. For the time being at least, you can avoid outdoor dining, going to the movies or buying new clothes. Settling your debts is much, much more important.
  • Are you getting the best deals on your insurance, credit cards, loans etc.? Don’t take anything for granted, check other companies and visit websites to compare rates. You might be paying more for things you could have for much less.
  • Check out    means of creating revenue. You could perhaps hold a garage sale and get rid of everything that’s not really important or if you are green fingered and love gardening, maybe you could start a flower business. There are many things that you can do from your home. Get together with the other members of your family, thrash out ideas and you will be surprised how enthusiastic everyone will turn out to be.
  • If you feel that none of these things will help you right now because of the volume of your debt, why not try debt consolidation? This would mean consolidating all your credit card debts into one card. If you are planning to go in for debt consolidation however, it’s best that you get proper advice from a debt counselor before you proceed.

Unless you make a start right now, there’s a very good chance that you will have to file for bankruptcy. Why wait until then when there are so many ways in which you can settle your debts and pay your credit card balances. Start now, and be on your way to a debtless future.