Reader’s Question:

I’m getting tired of seeing hundreds of dollars fly out of my wallet just to pay off credit card debts that I incurred two years ago. I live in an apartment now here in Palmdale, California and with all my monthly expenses it would help if I won’t have to think too much about credit card debts. Can you give me some advice on how to get rid of my credit card debts as quick as possible?

Barry

Palmdale, CA

If you want to pay off your credit card debts in a timely manner, you must first forget that you ever heard the phrase “minimum monthly payment”. You need to find a way to double or even triple your payments each month. It may sound daunting but it’s no doubt the surest path to a debt-free tomorrow. You can start by making some small changes in your daily life to compensate. For example, instead off eating out, start cooking at home. You can also negotiate for lower interest rate on your credit cards. Try to reduce your energy bill and other utility expenses. Put away monthly charges you don’t really need like super-deluxe satellite television packages. When you down-size other bills, you can allot more money to getting rid of your credit card debt.

One more option I could suggest is debt consolidation. There are a lot of lenders in Palmdale, California offer debt consolidation. Or you can go with a lender you trust like your personal bank. Then try to arrange for a debt consolidation loan so you can use it to pay off your balances on your credit cards. That would be because the loan will likely to have a lower interest rate than your cards. You will end up with one loan instead of many indebted accounts, and you’ll have lower payments to deal with each month.

Tags: , , ,