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HomeBlog Credit Card Debt6 Unusual Ways To Reduce Credit Card Debt
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6 Unusual Ways To Reduce Credit Card Debt

September 29, 2012 by National Debt Relief

Credit cards superimposed ove moneyIf you’re worried about your credit card debt, don’t despair. There are a number of ways to manage or reduce it – or even get out of credit card debt completely.

Stop using those credit cards

Maybe this sounds too simplistic, but the best way to get control of your credit card debt is to stop using those credit cards. In fact, if you’re having a really serious problem with credit card debt, you might want to just cut up those cards. If you continue to pay only the minimum monthly payments required, you will eventually get out of debt. However, you will get out of debt much faster if you pay more than the minimum amounts required.

Check into a zero interest transfer card

If you are having a problem with credit card debt – and you probably wouldn’t be reading this article if you weren’t – sit down and check out the interest rate you’re paying on each card. You should owe the most money on the card with the lowest interest rate. If this is not the case, you may want to check into a zero interest transfer card. This is where you transfer all of your credit card debts to one with a lower interest rate and that will charge zero interest for some period of time. We saw one of these cards recently where you would pay no interest for 15 months. This “timeout” means the money you pay each month then goes against your balance to help you get out of debt faster.

Borrow from your retirement account

If you have a 401(k), a Roth IRA or some other type of retirement account, you might be able to borrow from it to pay off either some or all of your credit card debts. This is a sort of double win in that every dollar you have to pay back goes to you and not to some third party. There is one downside to borrowing from a 401(k). You probably will have only five years to pay off the debt. And if you leave that company, your debt becomes immediately due. In the event that you can’t pay the debt, whatever amount you borrowed is treated as a distribution. You’ll end up with the tax bill, which will include a penalty if you’re less than 59 ½ years.

Renegotiate your terms

You could contact your credit card companies and ask for a new, lower schedule for repayment. If this is the first time you’ve gotten into trouble with credit card debt, you might get a very favorable reception. This will be especially true if you tell them you’re having so many financial problems that this would be your last last resort before filing for bankruptcy.

If all else fails

As a last resort, you could file for bankruptcy. This would eliminate all of your credit card debts and get any debt collectors off your back. However, a chapter 7 bankruptcy, which is the most popular, will not discharge all of your unsecured debts. You would be left to pay off any student loan debt, past due child support or alimony and any federal taxes due.

True credit card debt relief

With the exception of filing for bankruptcy, none of the tactics described in this article will actually reduce your credit card debt. However, if you put our debt counselors to work, they can get your credit card balances and interest rates reduced and probably save you thousands of dollars. They will also help you develop an affordable payment plan that can get you completely out of debt in 24 to 48 months.

Thousands of American families have let us help them achieve credit card debt relief and there’s no reason why you can’t be one of them. Be sure to call our toll-free number for immediate help or fill out our form for a free debt analysis.

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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 B Transcribed WE 3/28/2021 Lauren B: The call may be recorded. What concerns led you to seek out National Debt Relief services? AARON: Basically, we were over our heads on the credit card debt. Lauren B: What was it that made you choose National Debt Relief over the other companies? AARON: It's just not a hard sell. They're pretty straightforward and not a lot of hoopla trying to get us to go onboard. Lauren B: How was your interaction with the negotiator you had worked with? AARON: It was fine, more than fine. Lauren B: Were you pretty comfortable with them or was there anything you thought could have been improved? AARON: No. I was very comfortable. Actually, my wife went and did it too. Lauren B: How'd they work with you on the payment plan? AARON: It's basically set in stone. We've been on for over a year, so it's all good. Lauren B: Are you completely done paying or are you still making a payment? AARON: I'm about in the middle of it right now. Lauren B: How has working with National Debt Relief impacted your life in any way? AARON: It makes it a little stressful at times with the payment plans, but at the same time, it's actually made it less stressful because we've learned to work in different ways with cash, stuff like that. It's fine. Lauren B: Overall, what would you rate your experience on a scale of one to five stars, five means you'd recommend to a friend and one means you're very dissatisfied? AARON: I would say 5. Lauren B: Would it be okay to post your comments as a review on our public website for National Debt Relief and to help other consumers make good choices? AARON: Sure. That's fine. Lauren B: I do have your email here as aaronlesser36@gmail.com. Is that right? AARON: Yup.

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