Ever wondered if it was possible to get rid of all your credit card debts without closing accounts? Many would not think that this is possible, but the reality states that this scenario is indeed possible in more than one way! Let us now look at ways of eliminating and to repay credit card debt without actually closing the account!
First and foremost, you should stop spending on your cards! This is probably the most difficult thing to accomplish, as it would have by now become a habit to swipe your card every time there is a need to buy something (most of the time something that you do not actually need). Self-discipline is extremely important here, as you would need to display self-control to stop yourself from taking your card out when you need to purchase something.
Nevertheless, remember that none of us were born with credit cards, and cash works well as well (with more financial control in reality), thus make use of your ATM card and cash when you are out shopping. You could also store your credit cards away in a safe and secure place and not carry them around, this could also help in getting rid of your credit card debt. And don’t forget to pay your monthly amounts! Just because you do not use the cards does not mean that you do not have to pay off the balance that you owe your creditors!
Secondly, you could try to negotiate with your card issuers and explain to them that you are willing to pay off the balance, albeit at a lower interest rate. Your willingness to pay off credit card debt would usually encourage your creditors to lower the interest rates to allow you to settle the outstanding amount, and you would also end up paying less each month with the reduced interest rates.
Make use of this break, and get rid of your debts quickly and effectively if your creditors relent! And try not to use the cards even though you still have them, as this would only increase your debt levels.
If none of the above work, you should then explore the option of debt consolidation. By consolidating all your card accounts into a single one, you would be able to manage and monitor your debt better, and eliminate it in a more effective and functional way. Make use of a reputable debt settlement firm to help you out, and if you are fortunate, you could end up being debt-free within a year or two!