Debt can be painful if not sorted out in time. It’s like carrying a huge liability on your back. Through this article we will help you to lessen the burden or get completely out of it as we completely understand that the debts can be very stressful and also affect your health, especially mind. Let us know few tips to clear off your debts in today’s article.
Golden tips to clear off your debts
Make a list
First and foremost, make a list and it will help you to get half of the work done. Make sure to write down the names of all your debts, the name of creditors, interest rates, balances and minimum monthly payments. Once you have it in black and white, start paying it off, slowly and eventually you shall lessen your debts. Sooner you pay it off, better for you.
Paying more than the minimum payment can actually help you to get you out of your debts sooner. You need to work on your budget well, cut off your expenses as much as you can and simply avoid those expenses which might be more of pleasure or luxury and not a need hence it will help you to pay more than what you are supposed to (more than monthly payments due).
Sell anything or everything you don’t need and this way you can arrange more funds to clear your debts. There will be few things lying around which we hardly use and isn’t of much use so selling them off will be a good idea and if you can use it to clear the debts, trust me you or on the right track.
Getting a seasonal or a part time job can do wonders when it comes to paying off your debts. Work a little more, earn a little more and get rid of your debts soon.
Balance Transfer can help
Considering a balance transfer can work right for you. If your existing credit card company won’t lower the interest rate, go for a balance transfer and you may secure 0% APR up to 15 months, it’s just that you need to pay a balance transfer fee of around 3% for the privilege.
Interesting Read: Top 10 banks of India and their rate of interest o FD
Take help from Banks
If you think the existing interest rate is too high and is giving you a trouble to pay off your bills, get in touch with the respective bank or Credit Card Company and request for a lower rate of interest.