Pay Off Credit Card Debt

Bankruptcy Attorney Dayton, Oh

If you are like most people you have some sort of revolving debt accounts and, just like everything else, too much of it can be bad for you. Make this the year you pay off credit card debt.

First, assess the level of risk you face with your debts. Are your balances controlling your monthly paycheck? Are you at risk of being unable to make a payment? Have you already missed a payment? If you answered “yes” to any of these questions you should consider more stringent debt relief efforts. Speak to a bankruptcy attorney in Cincinnati about which debt relief option is best for you.

If you answered “no” to those questions then you are in a good position to begin to pay off credit card debt.

First Things First

1. Negotiate a lower interest rate. Contact your creditor and use your good payment history as the reason for why they should reward you with a lower interest rate on your line of credit. This will save you money in fees in the long run and allow you to put more of your payment towards the principal balance.

2. Transfer the balance. Apply for a new line of credit with a 0% interest rate for the first 12-18 months. Again, this will save you money by putting all of your payment towards lowering the balance and not wasted on interest fees.

Pay off Credit Card Debt

1. Skip the Starbucks – instead of spending $5 for a cup of coffee every day or few days, put that $5 bill in your sock drawer and add it to your monthly credit card payment.

2. Have a garage sale – sort through those overflowing closets and boxes in the attic and sell off those items for a profit you can use to take a chunk out of your balance.

3. Use your tax refund – put the money you get back from the IRS this year towards paying down your balance instead of spending.

Doing just a few simple actions could earn you enough to really make a dent in that debt balance this year. All it takes is a little time and effort to regain a sense of financial freedom this year.

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