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Top Solutions to Get Rid of Credit Card Debts

It is obvious that you are feeling overwhelmed with high credit card debts. But do not think that you are not alone. For those people who are carrying a balance in their credit cards month after months, they may also suffer from bad credits. There are several ways to get rid of the bad credits if you have any.

Analyzing Your Current Condition:
One of the important ways to cut your credit debt is to face the situation and understand the position where you are standing. The easiest way to know about your credit debts is going through the credit report. In some of the cases, the details of all your accounts will be reported to the credit bureaus and they will also be enlisted on the credit report. You can get a free copy of your credit report from this site. If you do not want to see your report, you can also arrange all the credit card statements.

Once you are having all your accounts in your hands, you have to pull out a paper and pencil or make a spreadsheet in your laptop or PC. Next to each of the debt, write the minimum payments and the interest rates for every card. This will help you to have a good idea about your position and you can also see your cash flow and start budgeting. After you have a clear idea of your debts, you will be able to start managing and making strategies.

Do Not Further Charge On Your Existing Credit Cards:
Take firm decisions that you will not further charge on your existing credit cards. You should cut them if you do not require them now. It will surely benefit you to avoid further temptations. It is the time when you can use your debit card or cash until you get out of your excessive credit card debts.

One note: Maybe it is a good idea to stop using your credit card, but you cannot close your accounts totally. Closing you accounts can put a bad impact on your credit report. Your credit score is made up of the several factor, one of it is the durability of the accounts. Another factor of your credit score is the utilization. The age limit of the accounts can make up to about 15% of the credit score and thus when you are not using the credit card, it will again lower down your scores. The credit utilization is considered as the ratio of what you have owed divided by the credit limits. When you are closing your accounts that have large credit limits, your utilization ratio will increase and thus reduce your credit score. Any value above the 30% of the credit utilization can lower your scores.

Ask For Low-Interest Rates On Credit Cards:
Make a sheet with all your credit card debts and the interest rates. You should take the note of everything having the interest rates more than 15%. It is actually much more. it is a clever idea to pay off the credit cards that have the highest interest rates. Negotiating the interest rates is possible by paying the interest on time and become a good customer.

See the past credit card debt as an example. Lowering the interest rate on the credit card from 18% to 13 % can cut your minimum payments from below $65 from $ 77 over a period of 6 consecutive months. This means that you are paying the debt in shorter time span. If you are paying the same amount, the payment period will surely go below with 51 months.

These are some of the tips that you require cutting down your bad debts. Or else, you can try for ways where you can save money. You can get an extra job to pay your debts.

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