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HomeBlog Credit Card Debt6 Proven Strategies For Getting Out Of Credit Card Debt
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6 Proven Strategies For Getting Out Of Credit Card Debt

April 24, 2013 by National Debt Relief

Young man trying to learn about debt reduction A friend I’ll call John was a very successful real estate salesman. However, when the real estate market tanked in 2007 so did his finances. He started leaning more and more on credit cards and almost before he knew it had $50,000 in debts. If this has happened to you – if you’ve found yourself so heavily in debt – there are six proven strategies for getting rid of those credit card debts.

1. Choose consumer credit counseling

Is there a consumer credit counseling agency in your area? If not, it’s easy to find one online. Whether you go online or to a local agency, you’ll have a debt counselor who will help you restructure your finances and develop a debt management plan (DMP) that should enable you to become debt free in about five years.

2. Get a debt consolidation loan

This is probably the fastest way to get out of credit card debt because all that’s required is to get a new, bigger loan to pay off all your credit cards. These loans come in two types – secured and unsecured. If you’re really in debt like my friend John you will probably be required to get a secured loan. This is one where you use an asset like your house as collateral to “secure” it. If you’re not so heavily in debt, you may be able to get an unsecured loan or one that requires no collateral.

3. “Snowball” your credit card debts

“Snowballing” credit card debt is a strategy that has been used successfully by many people. What this requires is that you put your credit card debts in order from the one with the highest balance down to the one with the lowest. You then do everything possible to pay down the card with the biggest balance, while still making the minimum monthly payments on the other cards. Once you pay off the card with the biggest balance, you use the money that is now available and get to work paying off the card with the second biggest balance and so on. People who have used this strategy have been able to pay off even large amounts of debt in as few as 18 months.

4. Borrow from yourself

If you have a  401(k) retirement plan or an IRA you may be able to borrow from it. This can be the best kind of loan because you literally pay interest to yourself. Most 401(k)s allow participants to borrow up to $50,000 or half of what they have in their plan, whichever is less. While a 401(k) lets you take up to five years to pay back the money, you must pay back whatever amount you borrowed from an IRA in 60 days.

5. Earn more money

If you could get a second job, additional shifts on your current job or some type of part-time work, you could use the money to pay off your credit card debts.  I know that working an extra job isn’t much fun but can be a very fast way to get rid of those debts.

6. Negotiate settlements

A not-so-well-known fact about credit card companies is that they will settle debts for less than what’s owed. However, they usually won’t consider settlement until you’ve failed to make even your minimum monthly payments for at least six months. You need to be a good negotiator and must have the cash in hand to pay off any settlements you negotiate.  In other words, if you were able to negotiate a credit card debt of $5000 down to $2500, you would need to have the $2500 in cash ready to send off to the credit card company. If you don’t have the cash available to immediately pay the settlement, the credit card company would have practically no incentive to settle with you.

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Easy National Debt Relief Caller: Lauren G Transcribed WE 2/28/2021 Lauren G: The call is recorded. So how long have you been working with NDR, so far? BRITTANY: I think almost two years. Lauren G: And so how did you choose them over another debt relief company? BRITTANY: I've seen that they were like one of the number one top rated or top ranked companies to use when I was looking online. Lauren G: Can you kind of tell me how the interactions are with the representatives anytime you speak with them? BRITTANY: Oh, yeah. They're always helpful. Lauren G: And what about the program, like, what benefits have you noticed, so far? BRITTANY: It's helped a lot. Like instead of having all the multiple payments that I have to remember to keep track of throughout the month, it's just the two. And then they've been really good at getting settlements. I think they've already settled three of my accounts. Lauren G: And how much longer do you think you have left on the program? BRITTANY: Hopefully, another year. Lauren G: And what do you like about working with NDR, so far? BRITTANY: As far as everything, like, financially, when I can't make my payments, they've been helpful in that, in postponing my payments, especially with the Coronavirus and everything going on, and businesses being closed. That's been a big help this year with them doing that. Lauren G: And so what would you rate it one through five, your experience with NDR, five meaning you'd recommend and one very dissatisfied? BRITTANY: I would say 5. Lauren G: Would it be okay to post some of your comments as a review on our public website for NDR and to help other consumers make good choices also? BRITTANY: Yeah. You can. Lauren G: I have lilbrit.vanhorn@gmail.com. BRITTANY: Yeah. Lauren G: The call's recorded.

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