Credit Counseling – Five Steps to Crush Debt

Jeanne McTaggartChristian Credit Counselors

Christian Credit Counselors

Crushing Credit Card Debt

People who struggle with a crushing amount of credit card debt often feel motivated and positive after receiving Christian credit counseling. Trained and qualified credit counselors work with consumers overwhelmed by debt without passing judgment. According to a recent article by wisebread.com, there are 5 action steps you get a grip on personal finances. Christian credit counseling helps with all of the steps. Debt statistics by NerdWallet shows the average family in the U.S. owes more than $16,000 in credit card debt. Although some consumers feel helpless and frustrated by debt, having a realistic debt management plan helps you turn around the situation.

Stop using Credit Cards

One action step to take to crush debt is to stop adding to your existing debt. When you agree to a debt management plan, you agree to stop using the credit cards. A debt consolidation program often lowers your monthly expenses so you can save more. Most people find it easier to pay bills and live below their means when they money put aside in savings.

Lowering Your Credit Card Interest Rate

With Christian credit counseling, you receive the help you need to lower the interest rate on your credit cards. A credit counselor negotiates for lower interest rates. Experts say some credit card companies will not lower interest rates for consumers even when you ask nicely. However, the expert credit counselors know how to negotiate and help you meet your financial objectives.

Agreeing To Down Debt

Instead of agreeing to a payment plan with each credit card on your own, you will likely find more success by consolidating debt. It is a lot easier to make one debt payment each month, especially when you can enroll in an automatic repayment plan through a bank. In some cases, people who consolidate debt through a Christian credit counseling agency get out of debt 80 percent faster than those who take the DIY approach to debt repayment.

Spending Less Money

Although it is important to pay your utility bills, try to limit mindless spending. Also called discretionary spending, some of the items skip include clothing, entertainment, cable and vacations. Once you are debt free, you can resume the spending. Some people continue to treat themselves with free rewards such as a hot bath or walk.

Earn More Money

A final action step to take is to increase your income so you pay off your debt. The secret is to funnel any extra money you have into your debt management plan payment first. The second priority is savings.

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