Most of us have more than one credit card from more than one credit card company
. If you happen to be one of the many, you are in the middle of debt. If you happen to be struggling to pay your debt down then take into consideration the following tips on how to pay your debt more effectively:
Check what the status of your debt is.
It is important when you begin to pay down your debt that you check all accounts to make sure that all charges are correct. Each month check your credit card statements to ensure that there are no unauthorized charges. If you find there are unauthorized charges then call the issuer of the card immediately. It is your right to dispute, dispute all charges that are unauthorized.
Dont panic!
Never panic. The situation may seem like it is too large to handle, but you must keep cool and realize that you have control over the situation. It is important not to let emotions get in the way, this is a time that you could be taken advantage of. You may find yourself being offered instant debt relief should you accept a certain offer and you grab at the chance not knowing how to handle the situation. Remember there is always a solution.
Create a strategy.
It is important to create a plan of strategy as to how you will handle the attack on paying down credit card debt. While it may be impossible to pay off your entire balances on your cards at once, you can begin to pay it down with a reasonable strategy. Consider, paying off the credit card with the highest rate of debt first. Or perhaps you do the opposite and pay the lowest balance first to have fewer cards to pay monthly.
Negotiate payments.
It is not uncommon for lenders to negotiate repayment terms. You may request a lower balance should you pay the entire balance off at once or a lower interest rate. Late payment fees are another area where you can wave the payments.
Watch out for fraudulent debt-settlement offers.
When dealing with a debt settlement service be careful to watch for unreasonable fees and hidden costs. Some may make a loan obtainable so that you are in a better position to pay your cards down all at once. Be careful that you dont end up with a higher interest rate and additional fees.