Credit Card Debt Relief: DIY Methods

Credit Card Debt Relief: DIY Methods

Credit Card Debt Relief: DIY Methods

If a person is financially stressed due to multiple numbers of unpaid credit bills, he can opt for different credit card debt relief options and get rid of his financial obligations. According to a recent survey, types of personal debt have considerably increased. The reason behind is that, there is no option to get government help in the form of grants or loans, especially in case of unsecured bills like credit cards. The different types of credit card debt relief options are as follows: * Credit card balance transfer: One needs to find the credit card which has the lowest interest rate. He should transfer all the balances of higher interest rate cards onto this card. Then, instead of making separate payments for all cards, he has to make a single payment, at a lower interest rate. * Secured loan: If a person has a mortgage on his home, he can opt for a refinance. He should take the refinance amount that is higher than the total outstanding balance on his cards. He can also borrow against his home equity and pay off credit card debts. * Debt consolidation loan: If a person wants take a consolidation loan, it will replace all his multiple debts with a single new loan, at lower interest rate and reduced monthly payments. * Personal loan: If a person has good credit score, he can obtain a low interest personal loan and get rid of his financial obligations. He needs to make a low monthly payment towards the consolidation loan. * Snowball method: In this method the borrower needs to list his bills in such a way that the bill with the highest balance is at the bottom. After paying minimum payments to all the bills, he needs to pay extra amount to the bill having smallest outstanding balance. He needs to do this every month, till he can repay the debt in full. After paying it off, he has to repeat the same thing with the next bill having the smallest balance. * Avalanche method: In this method the debtor has to list the credit bills, putting the bill with the highest interest rate at the top and has to pay off the dues with the highest interest first. When the first bill is fully paid off, he needs to repeat the same things with the second, and this process will continue till he has completely paid off his dues. * Snowflake method: In this method he has to save small earnings and make small extra payments, after making the minimum payment to each account.

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