I never had to worry about money until I moved to the US. The credit card trap is so darn appealing that almost everyone falls into it. At least I did.Now that I had spent all that money that was made available to me, I had to pay it back to the creditors. A large portion of my income was going towards paying back my credit card. Enough was enough, I started applying these trcks and soon enough started seeing results. Here are a few tips to lower your debt and start saving.
Try to consolidate your loan into one payment:
I got an offer in the mail in which they were offering me a lower rate than what I was paying. I applied and got a loan from which I paid off my credit card. My payment went down $350 per month. Tip: Be careful what company you choose, there are lots of fraudulent companies trying to get your inofr=mraiotn. Make sure the one you choose is legitimate.
pay off the cards with higher interest rate first
Get a home equity line of credit to pay off your credit cards
Usually home equity loans can be obtained at a lower rate than most credit cards
Opt for internet based television instead of cable
Share a ride with your colleague to save on gas
Negotiate your debt with the company
(this can save you some money if you are good at negotiating)
Don’t carry credit cards when you go shopping. If you have it, chances are you will use it. Try to pay with cash whenever possible. Remember, no amount is too low to spend. You might think you are spending little on your credit card, but it all adds up before you even realize what you spent your money on. So be alert and spend your money wisely.