Each month the paycheck rolls around and to some, it may feel the money is spent before it even hits the bank account. Especially if you have any form of debt hanging over your head!
Did you know that about 28% of people in the U.S. admit to not paying their credit card off in full each month and rely on credit for an extended amount of time?
In a recent survey, 43% of people said they carry the balance 2+ years and 23% carry it 5+ years.
The struggle to pay off credit cards, student loans and medical bills can be overwhelming.
But here are a few tips to pay off the debt easier and quicker, and maybe even decrease what you owe!
Call Your Credit Card Company Now
Pick up the phone and make a single call to your credit card company, and you just might get a lower interest rate. A survey found 89% of people who called and asked for a reverse late fee charge were granted forgiveness, and 78% of people who asked for a reduced interest rate were also approved.
If you have a credit score over 700 with a substantial amount of credit card debt, consider transferring to a 0% balance transfer card. Here is a list of the best balance transfer and 0% Intro APR Credit Cards for 2018.
Automate and Consolidate
If you are paying off student loans, automating your payments will typically reduce the interest you owe. If you have over $10,000 of unsecured debt (for example, credit card debt), debt relief services can help consolidate, reduce and simplify your debt repayments.
If you find yourself regularly spending more money on your credit card than you have, come up with a strategy to track your credit card spending. Budgeting is the old fashion option.
Pay Medical Bills in Cash to Save More
If you have looming medical bills you might be able to save by contacting the hospital administration and asking to pay in cash or set up a payment plan. If you can’t fully pay your debt you might ask to pay what you can afford based on your income.
Before anything though, double check every charge and transaction on your bill to make sure you aren’t overcharged for fees or services. Learn more about how to ease the stress of medical debt.
Any form of debt can feel burdening, so start paying off a little bit today to feel more empowered. One woman used three strategies to pay off credit debt early. Talk about inspirational!