The following is a guest post by Debt Advisory Line.
It wasn’t always this easy to get into debt. In today’s world, as you may know from personal experience, you can literally walk into any department store, pick out a large screen TV of your liking, charge it on your credit card and subsequently wind up in a significant amount of debt that may take a long time to pay off. Sometimes, it doesn’t even end there. Balance transfers are used to increase credit, and soon enough, repairs for that very TV, for your car, groceries, and other various expenses can find their way onto your credit card bill as well and your debt level can quickly rise beyond control.
What are your options, if you’re carrying a balance on your credit card? To assist you with finding a solution to your problems, we’ve collected some of the most proven methods:
Cut down on secondary expenses
As we build more and more expenditures into our lives, more and more of our wants become “needs”; things we think that we can’t do without. If you examine these expenses more closely, though, there’s actually a lot that you can trim. Consider the following costs:
- Cable TV (~50/month)
- Mobile phone with data plan (~50/month)
- Eating fast food for lunch three times a week (~130/month)
If you removed all of these expenses from your credit card bill, how much could you save over one year? Let’s say you’re paying 19% interest, then you could save this much:
230/month = 2,760 in additional debt reduction plus 232.80 in saved interest just for that year alone.
Get a part-time job
What if you’ve already cut down as much as you can, but things are still looking tough? You can always get additional income on the side. Let’s say you work an additional 10 hours a week and you keep 80 net from those 10 hours. Again, considering a rate of 19%, here’s what you could save if you applied this to your credit card debt:
346/month = 4,152 in additional debt reduction plus 355.45 in saved interest just for that year alone. That would make quite a dent in your debt!
Seek help and advice
Debt Advisory Line offers professional credit card debt help and advice. Although these services do not provide a free “get out of jail” card, they can still provide much-needed help and advice. Contact us now to learn more about how we can help you with your credit card debt.