To end rising credit card debt, consider debt consolidation. During the spring, most people clean their homes and look forward to a tax refund. Other people dread owning the IRS. Whether you owe money or get a refund, debt consolidation can help you stabilize your financial situation. According to a recent article by thealternativedaily.com, there are 7 easy ways to tackle and end rising debt. If you have a lot of credit card debt, a Christian Credit counseling company will assist you in tackling the debt through a debt management plan that satisfies your creditors. Experts say consumer debt will cost you more in coming months because of rising interest rates. Credit card debt went up a dramatic 1,500 percent between 1980 and today. At the same time, many people underestimate how much they owe credit card companies.
Start a payment plan
When you sign up for a debt management plan, you get a built-in payment plan without having to think or fret about anything. A credit counselor does the work for you by talking to creditors, lowering interest rates and consolidation your credit card debt. Instead of making minimum payments on each credit card, you make one debt consolidation repayment.
Free up extra cash
To save money in your budget, look for places you can easily cut. Some people find they are paying more than they need to pay for smart phones, cable or subscriptions. Although your savings might seem small, they add up. Check your insurance plans as well for places to save.
Consolidate the smart way
If you take out a personal loan through a bank, you could end up with more debt over the long run. A debt management program helps because you stop using your credit cards. In addition, most people obtain a lower interest rate. To insure your success, consider an automated plan to move money from your bank account to your debt consolidation bill each month.
Talk to a credit counselor
According to the article by thealternativedaily.com, another smart financial move in the spring is to talk to a trained credit counselor. Working with a trained professional means you don’t have to go it alone. A credit counselor is a great resource with ideas on debt consolidation with easier payments.
After you get going in the right direction, make sure to never miss a payment. You can improve your credit score over time by getting out of credit card debt. Put money aside in savings for emergencies. At Christian Credit Counselors, we help consumers interested in slashing their credit card debt and making a fresh start this spring. For more information on debt consolidation, please contact us.