Anyone that is caught in a pickle and has massive debt on their credit cards is probably going to get a call one day by the creditors asking for money. This has probably happened to you at some stage. Most people have the idea that you should just pay your account and what you owe at the end of the month. But there are many tips and tricks that you can use to help manage and get out of debt quickly and effectively.

Racking up debt is the easy part, but getting out of it, is a very sticky situation for many. Here are the 9 basic ways to get out of credit card debt once and for good.

1. Refrain from running up your balances

If your balance is carried over from each month, stop using your credit card altogether. The easy way to do this is to ask your partner to get a pair of scissors and cut it up in front of you.

2. Find the best deals around

Insure that you read the fine print on your card dealers contracts. It is necessary to investigate balances and ensure you have your larger debt owing to the card with the lowest interest rate. If not see if you can transfer your balances over to this card.

3. Stop the upgraded cards coming.

This is one of the worse problems with people getting out of debt. Once they start to get ahead, and slowly climb out of despair, they will start receiving junk mail offering new deals, low rates and new platinum style cards. This is like waving an open bottle of alcohol under the nose of a recovering alcoholic.

To stop the temptation it is wise to contact the credit bureaus and remove yourself from their database if possible. Once you are getting out of debt you don’t want to recreate the situation.

4. Don’t just pay the minimum amount

Remember with any loan, there is a minimum amount you are required to pay off. The minimum amount that you receive on your statement accounts has a role of earning big interest for the financial companies over the long term. The banks love this as it will take you a long time to do this and expect people to. If you can afford it get the minimum amount and double it, and try to keep paying this amount each month. It will chew you debt up a lot quicker than you think.

5. Help from investments.

Here is a smart way to help with you debts quickly. High rate investment returns can chew up your credit card debts fast. If possible, use life insurance policies or other investments doing well for you and use that to pay off debt. Remember debt cost you money, and your investment are always going to be making you money until you die.

6. Get a loan from you friends or family.

This can be very painful, especially if you have to ask for money from you Mom or Dad. But remember any loan from these persons is going to be interest free when you pay it back. It can be easy to get out of debt fast. Offer incentives and a payback schedule that is easy to manage and maintain. This will keep all parties happy until everything is paid back in full.

7. Get help from your home equity.

This is optional, but again on average you house will normally appreciate and in the longer term make you money. Even if you paying off a house loan you could use some of the credit to pay off an existing higher credit card loan. Then any interest on the money owing can flip over on your home loan in which you a paying a significantly lower interest rate. This is sometimes risky so make sure you weigh up all your options before using this strategy.

8. Borrow from your 401k Plan.

After the market crash of 2008, people still have money sitting in their 401k. Not many people realize that you can use this to pay off debts owing. Realize there is a fee involved with doing this but if you have a significant amount of money in your 401k then this option is available to you.

9. Negotiate with your creditors.

Most people wont explore this avenue because they believe these people are just wealthy, greedy pigs. In fact it is quite the opposite. If they realize you are trying very hard to get rid of your debt and have been diligent with your payments, they might find it in their best interest to give you a better interest rate. Also you can go to them with your other cards or bank with proof the other banks are giving better and lower rates, and put your case forward for paying too much. Always ask, the worst thing they can say is, no.

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Category: Finances
Keywords: economic collapse, recession, depression