It may seem that it is taking a long time to pay down credit card debt, but it does not have to be this way. There are quick ways to get debt under control with creativity, effort and delaying of instant gratification. One quick method of paying down credit card debt is to sell items that are no longer needed by household members and use the funds for eliminating the debt.
Kick useless spending to the curb
You will not get out of credit card debt as long as you are spending more than you earn. Create a workable budget that is based on your income and the expenses you pay each month. Get rid of extra services such as cable TV and newspaper delivery. Skip the coffeehouse drinks and make coffee at home. Borrow newly worn baby clothes from relatives.
Step up your income game
In some cases all you might need is to bring in more income. The teens in the family can get part-time work to contribute to debt reduction. Millions of online job opportunities exist, so some people could earn extra income this way. There are also side jobs such as babysitting, housecleaning, dog walking or tutoring.
Consider debt consolidation
Another quick way to reduce massive debt is with debt consolidation. With this method you receive a new loan for all of your credit card bills and you pay only one amount each month. This also simplifies your finances. Research consolidation services carefully and read the terms before signing the agreement.
Tap into savings
It is true that savings should mainly be used for emergencies, but if credit card debt is out of control, this would be a good time to use funds from the savings account to quickly pay off the debt. Be sure to replenish the savings immediately so that funds will be there for hard times.
Seek lower interest rates
Families in credit card debt should seek lower interest rates by negotiating with creditors. They can talk about their good standing with the creditor or the financial hardships they are facing. Another idea is to mention that you will transfer high interest cards to a card with a lower interest rate.
Get funds from relatives
The good thing about borrowing from family is that they are less likely to charge interest on the loan. The borrower needs to be honest with relatives about how he will use the money, and the agreement should be in writing.
Go above the minimum balance
If you want to reduce credit card debt quickly, then you need to pay more than the minimum balance. This makes debt management easier and you will have more money to take care of other expenses.
Once out of debt, don't apply for new credit, because this will hurt your credit score.
Quick payment of credit card debt takes effort and commitment, but the hard work will pay off.