Credit Card Debt Help

5 ways you can get out of credit card debt.

Credit card debt help is high sought after as credit card debt is one of the most common debts in Australia.

The application process for a credit card is fast, easy and readily available to almost anyone. however credit card debt help is scarcely available and people get stuck in a worsening credit debt spiral.

When one credit card has reached its limit, rather than paying it down, some Aussies find it easier to go and apply for another one.

We have seen some people come to us for help with up to 5 credit cards, all maxed out, with no way of paying the debt down.

Credit card debt can be eliminated just as easily as it was created, you just need to be smart about how you use your card and curb your spending in time.

Debt Rescue would like to offer you five pieces of credit card debt help. Following are 5 ways you can pay down your debt and get your credit card debt repayments back on track.

1. Stop using your cards

Our first bit of credit card debt help is to stop using your credit cards. If you have credit card debt, you aren’t using the card to your advantage and therefore, you should stop using it.

You will never be able to repay the debt as fast as you are incurring it so the best way to get rid of your credit card debt is to get rid of your credit card/s.

Once you have repaid your credit card debt, you can put the money designated to the debt into a savings account.

So next time you need to spend a large amount of money, you can use your own and not the banks.

2. Pay more than the minimum

Most people who approach us for credit card debt help are only paying the minimum repayments. Little do they realise, minimum repayments are how banks make their money.

The minimum repayment is set  to cover the accruing interest and fees and a little bit of your balance. So by paying the minimum you are barely scraping the top off your credit card debt.

Even and extra $5 a week will get the debt paid off faster and you can avoid the extra interest.

3. Get it together

If you need credit card debt help, you should at least know how much you owe to which creditors. How can you expect to repay your debts if you don’t know what they are.

Collect your monthly statements and write down what is left owing, the interest you are paying, when the next repayment is due and how much you want to pay.

This will keep you on track.

4. Pay it forward

If you have several debts, you will have to divide your ‘credit card repayment fund’ between each of them.

You could spread it out evenly, or you could focus your attentions on a particular debt until it has been repaid, then use the extra money from that debt on another debt and so on until you are only working away at one repayment.

Remember, if you are struggling with credit card debt help is only a phone call away.

5. Consolidate your debts

Our last piece of credit card debt help is to suggest you try consolidate your debts. Consolidating you credit card debts makes multiple repayments easier to handle by transferring your balances onto one card. You will need to shop around for a good interest rate for this consolidation to be worth your while.

For more credit card debt help

If you have tried one or all of these methods and still find you need credit card debt help call Debt Rescue today. Our experienced Case Managers can assist you with even more ways to get out of debt and offer you personalised credit card debt help. Don’t be afraid, pick up the phone and Talk To An Aussie Who Cares.

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