3. Devise a workable plan
You need a plan that you can live with. Write it down so that you will be more committed to it. You need to stop adding more debts, stop using
credit cards. And try to call your creditors and ask if they would be willing to lower their interest rate. Other actions that you can put into your plan are:
- Generate and review your
cash flow worksheet so that you know where your money going to come from each month to reduce your credit card debt.
- Things that you willing to change or give up to make the goal of being
debt-free happen.
- Explode a few ways to increase your monthly income to cover for your debt payment.
- Assets that you may sell off
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to cash out to pay for your debts.
Start out with baby steps, paying more than the minimum each month. You can either choose to pay off the card with the higher interest first or choose the one with the lowest balance so that you can eliminate that one quickly.
4. Cancel all your credit card but leave one
This may be painful living without the credit card, but look what having these cards has done to you. Get the scissor out and cut all of them except one so that you will able to use it. Then, call to the credit card companies and call all your credit cards that you have put the scissor on; this is to stop you from asking for a replacement card later.
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access and use it for impulse purchase. You should keep it in a place where it will take an effort to retrieve it. This last card will only be used for any emergency purpose.
5. Seek for professional help if you just can't manage it on your own
If you find that you can't
manage your debts at your own, then getting help from debt managing professional should be your option. You can contact the National Foundation for Consumer Credit (NFCC). This is a national network of nonprofit organization that provide consumer education, debt counseling and debt repayment program. Their counselors can help you set up a budget and re-establish credit.
In summary
If you always trap into
bad debt situation, bankruptcy filing a fastest step for debt relief but it is not the best option as the impacts will follow you for many years. Always access other alternatives to rid yourself of
bad debt without bankruptcy. The above five-step program can be your guide for better option.
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