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Proven strategy to payoff credit card debt : Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Finance & Loans

Proven strategy to payoff credit card debt

September 8, 2014 by · Leave a Comment 

Many of us are inundated with credit card debt and it even impacts our health worrying about it. Many wish that they shouldn’t have used those cards when it comes to payment time. It’s a dilemma that many of us dwell each month.

Let’s say your family credit card debt is approximately $100,000. Seems like a huge amount depending on your monthly income. If your family earns six figure incomes a month, this is still substantial but employing a proven strategy may help to get out of this debt in short period of time.

Start recording all your family income and expenses. Cut down any credit cards that have no balances and the family can live without them. This includes department store credit cards. Keep in mind that cancelling an open revolving account may impact your FICO Score. Call remaining credit card companies with a balance and work with them to drop your credit limit. This will help you to stop charging more. Now using your income and expense records see which expenses you can cut down and use the saving to pay off your credit card debt. Depending on your total credit card balance, you could be free of credit card debt in few short years.

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