Do you feel like you’re swimming in credit card debt?

You’re not alone. As a nation, the US has amassed a staggering $13.95 trillion in debt. Per person, the average American is trying to pay off $38,000 in personal debt.

Do you need help negotiating credit card debt? Would you like a few proven strategies for reducing (and eventually eliminating) your debt?

Here are 5 tips you can start using today.

1. Always Pay Your Monthly Minimums

Rule #1 of debt management is to always keep up with your minimum payments.

Even one late or missed payment can have a devastating effect on your credit. Not only will you face late fees (and more debt to pay off), but late payments can stay on your credit score for up to seven years.

At the very least, make sure you’re making your monthly payments on time. That way you’ll continue to maintain your credit rating while you tackle your debt.

2. The Debt Avalanche Method

One tried-and-true way to eliminate debt is to pay off your accounts starting with the highest interest rates. With each account you pay off, you’ll free up more money to put towards your other debt and pay less interest over time.

Start by listing all your accounts and determine which ones have the highest interest rates. Pay the minimum amounts on every account and put anything extra towards the account with the highest interest rate.

Once that’s paid off, focus on the account with the next-highest interest rate and repeat.

3. The Debt Snowball Method

As an alternative, you might consider starting with your smallest balances first.

This “snowball” method will offer you a quick series of successes that will motivate you to continue. Make your minimum monthly payments on every account and put anything extra towards the one with the lowest balance.

Once that’s paid off, funnel the extra money towards the account with the next smallest balance.

4. Transfer Oustanding Balances

Do you have one or more credit cards with high interest rates?

You could save a lot of money by transferring those balances to a card with a lower interest rate. Many companies even off 0% APR for up to 18 months on any balance transfers.

The amount you’ll save on interest makes this a great option if you qualify for a lower-interest card. Of course, be sure not to rack up new balances on the cards you just paid off!

5. Consider Debt Consolidation

What if the methods or options listed above won’t work for your situation?

Debt consolidation could be the answer for you. A personal loan could help you pay off multiple balances and consolidate everything into one monthly payment.

There are also financial services like the Debthunch site that offer a variety of options for debt consolidation.

Negotiating Credit Card Debt: You Can Do It!

When it comes to negotiating credit card debt, it may feel impossible to keep your head above water.

Don’t give up! It might take some time, but your efforts will be worth it. Put the tips listed above into practice, and you’ll soon be enjoying the debt-free life.

Did you find this article helpful? Would you like more advice on how to get out (and stay out) of debt? Check out our debt tips and tools for more great information.

Additional resources: 

– To learn how to get a mortgage with bad credit, visit OnlineMortgageAdvisor

– Check out how to increase your credit score

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