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    Five Ways to Eliminate Credit Card Debt

    By Candice Pardue     

    Anyone who borrows money will quickly realize that it's much easier to get into debt than to get out of it. Credit card companies literally beg consumers to spend with their card, which results in high interest loans that will take a lifetime to repay if you're not careful. The sad story is that consumers often use credit cards to purchase things they don't even need and would not purchase if the credit wasn't available.

    So, is there a solution to high credit card debt? Can you pay off your credit cards and beat the high interest? Listed below are five ways you can eliminate credit card debt for good. Credit card debt elimination can create a brighter future for your family while also lifting those heavy financial burdens.

    1. Negotiation with Credit Card Companies

    There are debt negotiation companies available who work with credit card companies to help you pay off your debt faster. Credit card companies will often settle for a reduced amount if offered a lump sum. For example, if you owe the credit card company $5,000 (plus interest), you might be able to get it reduced to $3,000 by paying it off early, thus, eliminating your debt and high interest. When you calculate how much interest you would have paid over a period of five or ten years, you'll be amazed at how much interest piles up.

    2. Pay Extra on Your Monthly Credit Card Bills

    You can also eliminate credit card debt by not adding any more debt to your card and then paying more towards each monthly bill. If you are currently paying $30.00 per month, start paying $50.00 per month to put a dent in your interest and overall credit card debt total. Successful credit card debt elimination begins with taking charge of your debt instead of it controlling you.

    3. Debt Consolidation Loan

    Another option is to apply for a debt consolidation loan. This type of loan combines your debt (including credit cards), to form one smaller monthly payment. Although you won't necessarily be paying the overall debt off faster, you will eliminate those individual credit card bills and benefit from one easy lower payment for your combined debts.

    4. Borrow at Low Interest from Another Lender

    You might be able to transfer your debt to another lender to reduce your interest. If you can work with a bank or credit union to transfer the loan amount, the interest is often far lower on a personal loan than on credit card debt. You also might be able to pay the loan back quicker since more of your payment is going toward the premium instead of interest.

    5. Credit Card Debt Elimination through Savings

    If you don't have a savings plan, get one. You can eliminate your current and future credit card debt by saving money. When things come up in the future, and you're tempted to purchase something with your credit card, you'll have savings to use instead. If you really don't "need" the item, you might think twice before spending your savings. The benefit of saving money instead of accumulating credit card debt is you won't owe yourself interest - you actually won't owe yourself anything because it's your money. This can be to your advantage if you decide to save instead of charge.

    The next time you're contemplating a credit card purchase, think far ahead to the interest and payments. You should automatically refuse any urges to purchase items you don't need with a credit card.

    Use these tips to eliminate your credit card debt now and forever. If you're already in a debt trap, you can get out and stay out. No matter which above method you choose, you'll have peace of mind from simply knowing that financial freedom is near.

    Written by Candice PardueRate this article:

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