5 Ways To Reduce Credit Card Debt Now
Picture this: it's nightfall and the stress of the day starts to fade away, and for a few minutes you feel relaxed..until the night time scaries come rushing to the front of your mind. The most taxing of anxieties? Your credit card debt.
Whether you are the provider for your house, a stay at home parent, or even if you live by yourself, this DIY guide to reduce credit card debt is for you.
Credit card debt is one of the main causes of depression and anxiety. You aren't alone–about 37 million credit card accounts were marked as seriously delinquent in the fourth quarter of 2019, according to Market Insider.
Let’s start today off on a positive note. Here are 5 little-known, yet highly effective ways to reduce your credit card debt fast:
1) Credit Sesame - Find out your credit score (for free)
Join the millions of people Credit Sesame has helped to navigate their score and achieve their financial goals.
Why is your score important?
A better score qualifies you for lower interest rates, which will save you money when you:
- Purchase a car
- Take out a loan
- Apply for a credit card
- Rent our buy a home
Get your free credit score here.
There's no credit card required and it won't impact your score.
Why Credit Sesame?
- Get graded on important credit factors, plus your free score.
- Understand your best next steps with a free credit strategy.
- Know your best options. From overpaying on credit cards or loan interest, and see your best options to save money.
2) Tally - Never pay credit card late fees again
How many times have you paid credit card late fees?
With Tally, you will never pay credit card late fees ever again.
Their goal is to help consumers pay down their credit cards as quickly as possible, and this has already resulted in their users saving millions in interest!
Your stress-free future is waiting.
Thousands of delighted customers have started using Tally to take advantage of these benefits:
- Pay down debt faster
- Average lifetime savings of $5,300
- No more high APRs or late fees
Tally was built from the ground up to be secure. Keeping your data safe is their No. 1 priority, which is why it’s securely transmitted using SSL encryption.
They never store your bank usernames or passwords, and never sell or share your data without your permission.
3) Consolidate Your Credit Card Debts (By Using This)
Why would you want to consolidate your credit card debt? Well if you do it right, it will bring you immediate relief and could save you thousands of dollars in future high-yield interest payments.
According to Smartasset.com, here is what you should consider when looking to consolidate your credit card debt:
“You should not consider a personal loan to consolidate your credit card debt if it does not lower the annual interest rate you are already paying. Paying a lower interest rate will allow you to pay off more principal each month, help you get out of debt faster, and lower the total cost of your debt.”
So how about a personal loan for as low as 3.84% APR?
If you're looking to consolidate your credit card debt, I found a new tool that helps find the lowest rates on the market. They don't charge you a fee and it won't hurt your credit. It's called Fiona and I was really impressed by their revolutionary model putting you, the customer, first!
You see, in the past, you would need a high-interest personal loan to pay off your credit card debt. In order to receive one, you would have to pay to submit an application that may or may not be accepted by the lenders. To make matters worse, your credit score would take a hit because all of these lenders would be checking it to see if you were eligible.
Fiona saw this problem and completely transformed the personal lending space by pairing consumers with high quality lenders who most directly meet their needs at no additional cost.
Want to pay off your credit card debt today? Find the best lender to help you now with Fiona.
4) Get Paid Weeks Before Your Paycheck Hits (Up To $100/Day)
Have you ever been hit with an unexpected expense when things are already tight? You might pick up an shift but still have to wait 2 pay-periods to receive your paycheck.
Now you can access the funds you earn, immediately.
A new disruptive company called Earnin provides quick advances on your paycheck at no cost. As soon as you’ve worked, you can access your future paycheck with no fees, interest or hidden costs. Go ahead and cash out your earnings any time you want.
"What we're telling people is that you should have access to your pay,”
-CEO Ram Palaniappan said in a recent interview with NBC.
3 Things You Can Expect From Earnin:
- Cash out up to $100 per day to access the money you’ve already earned
- Choose the fee you want to pay (you can even pay $0)
- When your paycheck is direct-deposited, Earnin will deduct the amount you cashed out on your next payday
Earnin believes that you should have your money right when you earn it. With Earnin there’s no reason to wait two weeks for the paycheck you need now.
5) Ask Family and Friends for a Loan to Get Ahead
It can be very embarrassing and hard to ask your family for money. I remember when I started my first business, I needed my family's help. I would lose sleep over my dwindling bank account and didn’t know where I would get the next paycheck to pay my rent.
After letting the pain build and my bank account drain down–to the point where I had this terrible pain in the pit of my stomach–I had no choice but to ask my parents for help.
They said, “Yes of course we will help. What is your plan?”
Fortunately my parents were willing to help but that entire episode forced me to get my finances in order.
My advice for you? If you're going to ask your family or friends for help, make sure you are organized and can show them a plan. This goes a long way in reassuring and giving them confidence.