Ways to Cancel Credit Card Debt


Credit cards are a common element in society today. Mostly everyone has, or know someone who has, credit cards and as such credit card debt. One of the most common questions asked by those with credit card debt is what ways to cancel credit card debt are out there. There are multiple ways that quickly and easily reduce credit card debt.

Balance Transfer

One popular method for reducing credit card debt is balance transferring. This is done by taking a card that is charging a high interest rate and transferring the balance to a new card. Most all new cards have a introductory period with no interest. This can be crucial in helping reduce debt as interest can be overwhelming and also usually makes up the bulk of payments made. Transferring the balance from one card with a high interest rate to a new card with no interest for a year can be a easy way to reduce the amount owed and make every payment count.

The key is to pay off the entire balance before the interest begins so that any payments made are only going towards the principal amount due and not the interest.

Take Out a Loan

This is a popular method because often times the loan interest rate will be much less than the credit card rate. With a lower rate and fixed payments individuals can quickly pay off the balance owed and get out debt with a structured concrete payment plan.

Earn More

Doing both of these options helps reduce the balance owed or the amount of interest charged but money is still needed to make the payments that are remaining. A good secondary job is a great way to make money without spending valuable time or resources on a second full time job. One popular online job is completing surveys. Many companies will pay individuals to survey products or complete surveys for data. These require little to no upfront cost and can provide a great source of secondary income.

Along with surveys, another popular online option is writing of articles. Most individuals have home computers or smart phones and can write articles and be compensated for their time. Articles can range from short to longer depending on the compensation and ability of the writer. Many writing sites claim writers can be 500-1000 dollars a month just by writing a few articles, and with the growing digital presence the number of opportunities has also grown.

One secondary job that has also become more popular in the last few years is ride sharing. Driving for a ride share is a great way to make a secondary income that can be used to lower debt. Individuals are able to make their own schedule and work as much or as little as they would like. A car is needed as well as insurance but often times individuals are able to make much more than their costs.

Another option is to reduce current bills to help offset the amount of bills owed every month. Popular methods of reducing bills include, cutting the cord on cable, switching gyms to a more affordable option, eating out less and packing lunches when able, shopping for cheaper car insurance options as well as many others. The key is to reduce the amount of money going out to and increase the amount of money available to reduce debt.

Focusing on the smallest most achievable debt first, such as having two cards and focusing on the lower balance option, is a great way to be motivated and have a planned course of action.

While debt can be a daunting task, making a plan of ways to cancel credit card debt and finding ways to generate more money will help in quickly reducing debt. Many options are easily done from the comfort of your own home and can easily create enough money to erase your debt. The final and most important way to reduce debt is by not gaining any more.