Are you currently being overwhelmed by the hefty credit card payments you are required to shoulder? You are definitely not alone. Many people are facing the difficulties of getting out of this sticky situation. Today can be the best time to start over.
Don’t wait for tomorrow or put it off for later when it can be started right away.
It may not be easy to get back on your feet. That is because as you make credit repayments, you still need to continue taking care of necessary and other expenses.
Prepare to get into tighter and leaner budgets. The best thing to do is to keep your regular income flowing and to find additional or extra sources of revenues.
Here are ways I can recommend to begin the initiative to emerge out of bankruptcy due to credit card debt immediately.
Getting help from a credit counseling agency
A credit counseling agency can be a truly dependable and reliable party to ask help from. Such a non-profit organization is tasked to provide sound advice and guidance in starting a workable, effective, and affordable repayment plan.
Before approaching any credit counseling agency, prepare or gather all the monthly billing statements. There might be a need to provide a copy of your regular paycheck. Doing so will help the agency determine and assess your regular income, monthly expenses, and card debts. The information will give your counselor ideas on what types of solution and assistance your situation requires.
Debt management plan
You might need a debt management plan. It would be helpful if you intend to put your interest rates under your own control. You need a manageable payment system that you can really afford. Fortunately, such plans are now more popular and have become more common.
If your credit card accounts have maxed out and are already put under a debt management plan, your creditors will be forced to provide significant discounts or to scrap fees. They will even be inclined to waive penalties and even lower/eliminate interest charges.
However, you may be asked to temporarily avoid the use of any consumer credit and to make regular payments to the credit counseling agency, which will then disperse the amount to our different creditors.
Resisting the need to make credit card purchases
As you try to get back to your feet while trying to handle and overcome your overwhelming credit card repayments, you must set your resolve to resist the urge to use any of your credit cards for the meantime. How can you possibly overcome the situation if you keep on going back to the loop again?
It may be advisable to dispose of your credit cards, if you don’t like to keep them in a secured place, which you cannot easily access. You may also opt to use debit cards as replacements.
How about taking the discipline to use cash in every transaction and buying only merchandise that you can afford to pay for in cash? It will certainly help to arrest the growth of your credit card debts while you work out how to emerge from this situation.