Reduce debt?
Answers:
Unfortunately there are no quick fixes in money. If you are behind there are a couple options you can pursue but really only one of them is viable.
First of all, let me advise you NEVER to borrow money from someone you love, be they friend or family. The quickest way to strain a relationship is to get money involved. The truth of the matter is that the borrower is the lender's slave (if you don't believe me do the math on how many of your typical work week hours are devoted to repaying creditors) and Thanksgiving dinner simply won't taste the same when you are eating it with your master.
Your best bet is to get a second job and hustle to pay it off. I'd cut the cards up and see about attacking the debt with a vengeance. You can make an extra $1,000 per month delivering pizzas in the evening after your full time job which would have you caught up and out of this debt inside of 2 years if you cut some here and there on lifestyle and worked hard to eliminate it. It'll hurt a little and you'll hate having to do it, but that's probably a good thing as it will keep you from coming back here in the future.
Once you have killed the debt, the time you spent hating your part time job and wishing you hadn't gotten yourself into this situation will become a source of pride at your accomplishment.
One last note: When you go after these cards, your first step is to get them all current. After that, you want to attack the card with the smallest balance first and work your way up the list. Pay minimum payments on the others and attack the smallest one with everything you've got. When you pay it off roll it's payment plus any extra up to the next. By the time you get to your big one, you'll be hurling chunks of cash at it and it'll die quickly. The most important part is that all along the way you'll get the psychological pats on the back each time a new card is cleared and that's important because personal finance is about 80% heart/head and about 20% math.
Good luck.
first of all destroy ur card so tat u'l nt use it again...then borrw money from your dear & near ones & repay it
ask for a reshedulement of your payment from your credit card company. since u would be working it would be easy to repay if the terms are more favourable. ask them if they can knock off interest. reduce expenses. Switch to debit card. try two jobs if possible
firstly stop using your card, secondly borrow and pay the debt, becausing the rate of interest in credit cards is preety high, no other ways out.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...