Ways to Help Clear Up Credit Card Debit

Clearing up credit card debt can help a lot of financial issues you may be having. By clearing up your credit card debt, you may be able take a lower paying job that is less stressful, you may not have to worry about having enough money to make the minimum payment each month and you'll have an opportunity to save money for unexpected expenses. There are several different ways that you can clear up your credit card debt, but they all involve work.

Instructions

More Income

1

Find another job. Find a part-time job if you already have a full-time job or a better paying full-time job. View the job as temporary (even if it's not) and use all the extra income toward paying down your credit card debt.

2

Look for other ways in which you can make a little extra money that you can apply to the credit card principal balance. Offer to babysit, make crafts for a local craft store that will sell your items or take orders for cakes, cookies and pies around the holidays if you are an experienced and good baker.

3

Consider having a yard sale. Clear up your credit card debt and your house at the same time. Sell items that you no longer want or use. Plan your yard sale for the first of the month, preferably on a day with good weather, and use all that money to help clear up your credit card debt.

Lower Interest Rates

4

Call the credit card company and explain your financial situation to them. Ask them if they would consider lowering your interest rate, especially on your high rate credit cards. Lowering the rate will help you to pay off the cards quicker.

5

Transfer balances from one card to another if you have several different cards. Transfer balances to get a lower rate on one card and also to eliminate one payment per month.

6

Transfer credit card debt to a card that offers 0 percent interest for a certain amount of time. Plan to pay that debt off in the 0 percent time frame by dividing the balance by the number of months of free interest. Stick to that payment.

Consolidation

7

Consider consolidating your credit cards to give you only one payment per month. Consolidate to get a lower interest rate and a lower payment.

8

Lump all your credit cards into one payment, but make sure the interest rate is lower than many of your credit cards. Watch for companies to charge you more interest, which won't help you.

9

Pay more than the minimum payment every month to help you pay that balance off faster. Make a note on the check that you want the extra money applied to the principal balance.