Business
How to Get Rid of Credit Card Debt Legally
does credit card debt suck? Most of us are not immune to the evils of credit card debt. We experience it at some point in our lives.
We typically find ourselves in credit card debt when we don’t know any better (and don’t understand the cost of high-interest debt) and/or when we were struggling financially for some reason. Some of us had not saved enough to weather prolonged financial recessions and turned to credit cards to make up the difference.
When you finally get up or stand up and realize that you need to pay off this credit card debt, depending on how much you have, it can seem like a pretty daunting task.
Account Price The world’s first automatic debt manager that makes it easy to save money, manage your cards, and pay off your debts faster. Get Tally We earn a commission if you click this link and make a purchase at no additional cost to you.
Here are some helpful tips to help you reduce your credit card debt and to help you avoid more debt in the future.
Coming up with strategies to legally eliminate credit card debt
1. Listen to Dave Ramsey
Dave Ramsey will motivate you to pay off your debts. Period. It’s the man with the seven-step plan that can really help you get your debt reduction plan in motion. It has a daily radio show and podcast that you can access.
2. Create a credit card debt reduction plan
Credit card debt is usually the worst type of debt we have in our portfolio of liabilities. But in reality there may be something worse there. It is good to have a general debt reduction plan and see where your credit card debt takes priority. Should I be attacking this debt first?
3. Know which credit card to pay first
Should I pay the card with the lower balance first or with the higher interest rate? Take the time to understand the difference and make the decision for yourself. If you only have a little credit card debt, it won’t make much of a difference. But for large balances, this can be worth your time.
4. Post a debt payment schedule on the refrigerator
Where your stomach is, so will your mind (or something like that). Focus on your payment plan by placing it front and center.
5. Think twice before cutting your cards
Cut the cards and swear credit for good deeds for some people, but not for me. I have found a silver lining to credit cards. And really think long and hard before canceling your credit card account. This can negatively affect your credit score.
6. Consider getting help with your credit card.
If you’ve tried everything and are still struggling to pay off your credit card debt, I encourage you to seek help from the right people.
Be careful. The credit counseling industry is full of scammers and fraudulent people.
Avoid these types by going to the National Foundation for Credit Counseling and find one of its members, a Consumer Credit Counseling Service.
Here’s an additional breakdown of the various (non-DIY) options you have when it comes to getting help with your debt.
- Credit counseling- With counseling, you pay your debts on your own, you only get financial advice to help you organize your budget and put your finances in line to stop incurring debt and start paying it off. The risk here is that you can pay for the information in the counseling sessions that you can get for free. Another risk is that it won’t work for you because you need more support through the process.
- Debt Management- Where the debt relief company actually takes your money and pays your debts for you. I guess the advantage here is more responsibility. The risk here is that, again, you would be paying for a service that you can do for free yourself. Another risk is that high fees are charged by the debt company.
- Debt settlement – When the debt relief company calls creditors on your behalf and negotiates a settlement of your credit card debt for less than what you owe. This is done because your personal financial situation is in a bad place. The risks involved here are many. To get into the position of paying off your debts, you really need to be significantly behind on your payment. Therefore, the debt company might encourage you not to pay, which ruins your credit but allows you to pay off your debt. The risk of overpayment is also high here.
- Bankruptcy- If liquidation is not possible for some reason, then the last straw is filing for bankruptcy.
Do you like the idea of an application that helps you get rid of debt? You can apply for the services of the Pay Off Debt app to help you get rid of your credit card debt. Alternatively, a new app called Tally will help you manage your credit card debt payment with the help of its technology and a line of credit.
Account Price The world’s first automatic debt manager that makes it easy to save money, manage your cards, and pay off your debts faster. Get Tally We earn a commission if you click this link and make a purchase at no additional cost to you.
Take steps to legally eliminate your credit card debt
7. Pay off the high-interest balance first
If you are a big problem, consider paying off your debts by tackling the card with the highest interest rate first. Then move on to the next card with the highest interest rate. This will help you pay less interest over time.
8. Pay the smallest balance first
If you need to be motivated by a quick profit, consider using the debt snowball approach. Take advantage of your small victories and destroy your credit card debt one at a time, starting with the smallest. There is a great psychological advantage to using this plan of attack.
9. Put your credit cards on ice
Literally, put your credit cards in a cup or bowl of water and put them in the freezer. You will still have your emergency card (s), but you will not have it in the store or easily access it for online purchases.
10. Eliminate other expenses
If you say you can’t make payments with your credit card but you haven’t gotten too tough yet, I have no mercy on you. Determine the minimum level of spending you need to provide your family with food and shelter. Then eliminate all other expenses. With this newfound money, you should find it easier to pay off your credit card balances.
11. Become a Freegan
Along those same lines, consider becoming something of a freegan (a person who tries to use only free products and services). You don’t have to change your entire life forever, but it will surely help you get rid of debt if you can dedicate most of your extra income to debt reduction. Using free products and services will only help you do this.
12. Sell your trash
Chances are, at least some of your credit card debt is made up of things lying around your home that you no longer use. To speed up your credit card payment schedule, bring in some extra cash by selling your stuff on Craigslist, Facebook, eBay, or a site like Decluttr.
Also, consider having a garage sale for even faster cash.
13. Increase your income
If you don’t have junk to sell and are serious about reducing your debt, consider hiring a second job or find a way to earn extra money to really help with your finances. Use the additional funds to reduce your credit card debt much faster. Once you are done, you can leave the second job. If you get a bonus at work or find some unexpected money somewhere, use those funds for your debt as well.
I invite you to take a look at some of my money making interviews and also use up all the other resources you have to generate other income ideas. Take this extra income and use it to pay off that old debt.
14. Call your credit card companies to negotiate a better rate
If you don’t mind sitting on the phone for a while, call your credit card company and talk to them about lowering the interest rate on your card. By lowering your interest rate, you are reducing the amount of money your credit card company is adding to your debt each month. All of this takes a few minutes of your time. The worst thing they can do is tell you no.
Tips Keep a competitor card in mind when negotiating. If they resist, tell them that you will probably switch to using a different card and that you will pay for this one. This will likely cause your rate to drop.
15. Transfer your high-interest balance
If your balances and interest rates are large enough, consider transferring your credit card balances to a card with a 0% promotional interest rate. Be aware of transfer fees, which could negate any interest savings you experience. Also, be careful not to use this new card as an opportunity to spend more.
While this doesn’t eliminate your credit card debt, it does help lower balances; All while paying less interest. This is not a method to be used by the undisciplined, but it can be a wise move. You can move the debt that is on a card that charges high interest to another credit card that will not actually charge you interest for a certain period of time.
The only reason I bring it up is that I did it myself in 2002 when I was paying off my own credit card debt.
A new version of this method can be achieved with the Tally app and your line of credit. Learn more about Tally here.
Account Price The world’s first automatic debt manager that makes it easy to save money, manage your cards, and pay off your debts faster. Get Tally We earn a commission if you click this link and make a purchase at no additional cost to you.
16. Observe your spending obsessively
Are you obsessed with controlling your expenses? You may need this additional motivation to help you avoid future debt and to provide additional room in your budget for rapid debt reduction. Track your expenses with software like Personal Capital, or consider zero-based budgeting.
17. Track Your Debt Reduction Progress Visually
Once you’ve started implementing your plan, make sure it’s written down and posted somewhere in your home so you can see it every day. Make sure it reflects your progress when you start paying off your credit card debt.
You may also want to put something in your wallet with your cards if you haven’t already put them on ice.
What have you struggled the most when it came to paying off debt? Any other strategies that you have found effective in finally getting rid of your credit card debt?
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
Business owners who want to base their business in a central location that is full of personality should choose Holborn. This district, once branded as Midtown, is situated between the West End and the City. It boasts beautiful old buildings, atmospheric pubs, and great dining spots for business meetings, and it is also home to a few corporate giants. Here are 5 reasons to choose Holborn in London to base your company.
1. Beautiful Office Space
Holborn is filled with stunning architecture and gothic buildings, which means that business owners can choose from an array of unique office spaces to call their homes. The Workplace Company is a great place to start if you are looking for an eye-catching office space to rent in Holborn London. Not only are some of the office buildings in Midtown inspiring, but they are also more affordable than their more central counterparts. Thanks to the rise in the cost of office spaces in the West End, Holborn’s workspaces are generally more competitively priced. You can choose from different types of workspaces in Holborn, including serviced spaces and leasehold offices.
2. Convenient Transport links
Midtown has many convenient transport links, including Holborn, Farringdon, Blackfriars, and Chancery Lane. Stratford International can be reached in around 30 minutes, while St Pancras International is actually located in Midtown. If you’re heading out of the country, it is possible to reach Heathrow airport and Gatwick airport in just one hour. Of course, congestion can delay your journey, so always bear this in mind, but on good days, you can be safe in the knowledge that you will get to where you need to be.
3. Rub Shoulders with Industry Giants
Many corporate giants have chosen a Holborn address to base their headquarters. You can find large corporations, such as Amazon, Unilever, and Deloitte in the local area. You can even find the European headquarters of Warner Bros, Warner House, situated in Midtown. Being around successful companies such as these can be incredibly motivating and boost productivity and ambition within your own company.
4. Impress Clients
Although there are many fine dining establishments nearby in the City of London and the West End, you can wine and dine clients at excellent eateries in Midtown itself. Holborn Dining Room offers British fare on High Holborn, while Scarfes Bar is a trendy place to socialise after work. They offer a wide selection of tipples, and you can even enjoy some live music on most nights. Besides business lunches and meetings with clients, being in close proximity to good restaurants and watering holes is great for employees.
5. Healthy Living
Not only are the many local food and drink places great for your team, but the plethora of health centres and gyms are also a major draw for employees. Mainstream brands, such as Gymbox, Virgin Active, and PureGym, as well as independent gyms, are easily accessible from Holborn. Having facilities such as these nearby will encourage your employees to stay healthy. Regular exercise is great for all-around health and well being. The body becomes stronger and fitter, and staying active can reduce stress levels too.
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
Cocktails have been a staple of social gatherings and celebrations for centuries. From the simple mix of gin and tonic to the elaborate, multi-ingredient drinks of today, there’s a cocktail out there for everyone. But with so many to choose from, it can be difficult to know where to start. That’s why we’ve put together a list of 5 classic cocktails that everyone should try before they die.
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Martini
The martini is one of the most iconic cocktails in the world. Made with gin and vermouth, this classic drink is a staple of the cocktail scene. The origins of the martini are unclear, but it is believed to have been invented in the late 19th century. To make a martini, you’ll need gin, dry vermouth, and ice. Simply combine the ingredients in a shaker, shake well, and strain into a chilled martini glass. Add an olive or lemon twist for garnish.
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Manhattan
The Manhattan is another classic cocktail that has stood the test of time. This sweet, whiskey-based drink is perfect for sipping on a chilly evening. The Manhattan is made with whiskey, sweet vermouth, bitters, and a cherry for garnish. To make a Manhattan, combine the ingredients in a shaker, shake well, and strain into a chilled glass.
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Old Fashioned
The Old Fashioned is a classic cocktail that has been around for over a hundred years. This simple, yet delicious drink is made with whiskey, sugar, bitters, and a cherry. To make an Old Fashioned, add a sugar cube and bitters to a glass, muddle until the sugar is dissolved, add ice, and then top with whiskey. Stir to combine and garnish with a cherry.
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Margarita
The Margarita is a classic cocktail that has become synonymous with summer. This refreshing drink is made with tequila, lime juice, and triple sec. To make a margarita, combine the ingredients in a shaker, shake well, and strain into a salt-rimmed glass. Garnish with a lime wedge.
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Daiquiri
The Daiquiri is a classic cocktail that is often associated with tropical destinations. This simple, yet delicious drink is made with rum, lime juice, and sugar. To make a daiquiri, combine the ingredients in a shaker, shake well, and strain into a chilled glass. Garnish with a lime wedge.
In conclusion, these 5 classic cocktails are must-tries for anyone who loves cocktails. Whether you’re a fan of gin, whiskey, tequila, or rum, there’s something on this list for everyone. So, grab a shaker and start mixing up these classic cocktails today!
I am an experienced financial analyst & writer who is well known for his ability to foretell market trends as well.
Your employees are one of the most important factors that can determine the success or failure of your business. So, if you are looking to improve your business in a meaningful way, then taking the time to boost your employee training can be a great way to get the job done.
Fortunately for you, this article aims to highlight some of the best steps that you can take to help your employees engage with training effectively.
Provide the Right Motivation
One of the best things you can do to help your employees engage with the training process is to provide them with the right motivation that can help to encourage the kind of learning that they need to do.
Motivation is a vital resource to effective education and, unfortunately, it can be hard to come by. Fortunately, there are plenty of things that your business could potentially do to help encourage your employees to engage with the learning process and develop the skills that they are going to need to succeed.
For example, one of the best things you can do to encourage your employees to develop their skillsets is to provide financial incentives for training. In short, if you offer incremental pay rises to employees that boost their skillset – given that they would be more valuable to your business – then you will help to encourage the workers already engaged in skill training. Plus, this would likely help to motivate those still on the fence to dive in and give this kind of enhanced education a shot.
Supply Learning Resources
Once your workers are properly motivated, you should consider what is most likely to impede their progress in effectively building their skills. For the most part, this would generally come down to a lack of effective learning supplies.
Access to the right tools and information is vital to success in any kind of skill development, which is why you should consider the methods by which you can supply your employees with the learning resources they need.
Everything from courses at Washington University to access to digital learning platforms – like LinkedIn Learning – will be sure to help your employees engage more effectively with the training process.
Know Which Skills to Encourage
Of course, you will also need to provide your employees with the right direction in their efforts to effectively learn skills that will benefit your business.
After all, you want your employees to spend their time learning skills that will bring additional value to your company, rather than simply learning anything and everything that seems vaguely interesting.
A great way to encourage the development of certain skills is to tie those skills directly to the incentives you are offering to boost motivation for training. Alternatively, you might want to offer your employees access to training courses that specifically focus on the topics that you want your workers to develop their skills.
By working to direct employee skill development, you can ensure that your worker training programs remain a win-win for your business and your employees.
Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.
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