4 Ways To Clear Your Credit Card Debt STAT

With the festivities finally over and the party mood slowly dying out *pout*, reality is hitting — hard. The drunken splurges and depression buys are now making our lives miserable. Every month, when the credit card bill hits our doorstep, we decide to join meditation classes just to keep calm, but wait, we’re too broke to do that too! And credit card purchases are something that are hard to curb, once once start. So before the Budget is out next month and we decide on the major investments we’ll make for the year, here are a few tips that will help you clear that credit card debt with ease.

 

1. Chalk Out Goals

Write down your spendings and see where you could have saved, so that this list will help you save that extra bit in future. Now, write down how much debt you have to pay off and include absolutely everything. Once reality hits, you will be able work it out better and form a timeline to clear that debt.

2. One Card At A Time

This is an era where each of us have multiple cards and right there is where the problem lies. If you can, commit to one card only and if you can’t do that, try this: focus on paying off the debt of one card first and then move on to the other one. This way, the process is quicker.

 

3. Get Help

If you aren’t a pro with the financial stuff, always ask for help and learn. There is no shame in calling up your CA friends and discussing your debt. In fact, make sure you have a fixed financial advisor in your life, who can guide you at every step of the way.

4. Opt For Lower Interest Rates

If your card has high-interest payment rates, you need to change to one with lower rates, ASAP. That way, you pay the actual amount and not end up spending more on unnecessary interest that basically just fattens the bank’s personal accounts.