Look for low-interest rate products that stop your debt from growing and becoming unmanageable. onyourside creditcards debt alabamanewsnetwork
"Credit card debt is only going to get more and more expensive in the coming months," said Matt Schulz, a credit card analyst at LendingTree, an online loan marketplace."When the Fed raises interest rates virtually everybody's credit card interest rates rise, so it's really important that you knock down your credit card debt now."
"Maybe even forego contributing to a savings plans, particularly now when returns aren't high but interest rates are," Stone said. Two popular approaches to paying off overdue credit card balances include the so-called snowball and avalanche methods. Taking the snowball approach means organizing all of your debt by amount — not by the rate of interest you're paying on it.
When using the avalanche method, which Meyer said is financially more prudent, you sort your debt by interest rate, ranking it from highest to lowest — then pay off the debt that is most expensive to carry. Schulz at Lending Tree said that while few people ask their lenders to lower their interest rates, the majority of cardholders who do seek rate reductions are successful.Consumers can consolidate their credit card debt and move it to a new card that offers customers a 0% APR promotional rate.
"That can lead to tremendous savings of hundreds or even thousands of dollars, depending on how much you owe," said Ted Rossman, senior credit card analyst at BankRate.com. With a personal loan you can combine different kinds of debt, including credit card, medical bills and car payments into a single product, paying it off at a lower monthly rate. Loan terms are generally advantageous and can carry low interest rates that are fixed for up to five years, according to Rossman.
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