Most of us have had to deal with debt at some point. And many of us still have it. But how do we get rid of it? We know the goal is to pay it off. But that’s easier said than done! Take it one step at a time, and you’ll get to the finish line soon enough. In the meantime, follow these tips to buy back some financial freedom sooner rather than later.
Stop Using Credit Cards
The first rule to halting debt growth is to stop using your credit cards. The balance can’t increase if you don’t add to it. Lock them away. Put them in a safe. Do whatever you need to ensure you don’t use your cards. Then, make your monthly payments.
Request a Lower Interest Rate
Call or live chat with your credit card issuer and request a lower interest rate. The worst answer you can get back is a “no,” but oftentimes, they may try to be flexible with you. You may only get a 2% break. But remember, something is better than nothing. And that little bit can help you get closer to a debt-free future.
Consider Debt Consolidation
If you have debt coming at you from all angles, you may want to consider your debt consolidation options. Debt consolidation allows you to compile your balances in one place with a personal loan. The best part? Combining debt can lower your monthly interest rate. Wouldn’t you prefer to make one payment instead of a dozen small payments? It’s an easier process to wrap your brain around, and you can worry less about missing payments.
Weigh the Option of a Balance Transfer Credit Card
If you’re battling credit card debt, a balance transfer credit card may be your saving grace. See if you qualify by logging into Credit Karma. The app will automatically tell you if you’re pre-approved for balance transfer cards. Be sure to note how long you’ll have 0% interest so that you can commit to a reasonable payoff date.
Pick Up a Side Hustle
If you haven’t already done so, it might be time to adopt a side hustle. If you have a hobby that you’d like to turn into a mini career, start there. Consider opening an Etsy shop, tutoring, writing articles for a blog, dog-sitting, or personal shopping. The options are seemingly endless!