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Credit card debt

The woes of credit card debt

The woes of credit card debt

Credit card debt has been described by some as "cancer for your finances". Part of the reason for this is because credit card companies can charge outrageously high interest rates on what you owe them. This can make it difficult for you to ever get out from under your credit card debt.

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Ways to eliminate credit card debt

Ways to eliminate credit card debt

Consolidate your debt into a personal loan which has a lower interest rate.

Transfer your debt to a credit card which charges zero interest for 1-2 years. Then pay offer your credit card debt within this grace period. Keep in mind that you may be charged a "transfer fee" to do this.

Hire a credit counselor. They can often negotiate a lower interest rate for your credit card debt in exchange for a monthly fee.

Once your credit cards are paid off, do not close out credit cards as this can negatively affect your credit score. Instead, pay off the balance each month.

Make credit cards less accessible by storing them in a safety deposit box or with a trusted family member so they cannot be used for impulse purchases.

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