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Some Quick Ways To Pay Off Credit Card Debt


caffeinatrix Rep Points:
Posted on November 12, 2009 at 1:22 am
Here are some quick ways to pay off credit card debt:1. Sell items in your home by putting up a garage sale. By having money for debt, you'd be able to come up with enough funds to pay off your credit card debt and live in financial freedom eventually.2. Exercise self-discipline and self-control in spending. The Starbucks cup that you're craving for has to be set aside for the meantime.3. Hire the services of a debt consolidation company who can help you pay off your debt.Feel free to suggest more plans of action here!
Posted on November 12, 2009 at 1:49 am
One of the quick ways to pay off credit card debt? Getting a debt consolidation loan. Specifically a secured one. You can either get a closed-end loan or a line of credit, and you won't have a very high interest rate compared to getting just a simple debt consolidation loan.

Purple Cow Rep Points:
Posted on November 12, 2009 at 3:00 am
One of the quick ways to pay off credit card debt? Getting a debt consolidation loan.It's not always a good idea to get a debt consolidation loan--and a secured one, at that. If you get a home equity loan for example, there isn't always a guarantee that you would get 100% of the equity you've stored up on your home. More often than not, you'll only be acquiring around 50-80% of that, since your lender takes numerous things into consideration.

Lurker (Guest) Rep Points:
Posted on November 12, 2009 at 3:06 am
Plus there's that risk of losing the property you've put up as collateral.

Tamara Holmes Rep Points:
Posted on November 13, 2009 at 3:29 am
Well there are 3 ways do get this done quickly. (1) -The first and quickest would be to use the equity in your home. But unless you get rid of the credit cards and put the money freed up by the home equity loan in a emergency fund for short term goals such as a vac., tires, property taxes, homeowners insurance,Etc. in an money market. Long term goals such as retire in IRA's and/or 401K. This is not that good of an idea if you don't invest the freed up money. It would be the fastest to pay them off and build a nest egg and emergency money. (2) - Debt stacking (AKA debt snowball) by taking the credit cards with the smallest balance and largest interest rates pay them off first with the min. payment plus every penny you can find and after you pay off the first go to the next and apply the money you were paying on the first to the min. payment on the 2nd one until they are all paid off. This way is the longest and hardest to do. (3) - The last way would be a combination of the two.You will also need to setup an spending plan and look at it 2 - 3 times per week to make sure your on track. But I would need more information to see what would be best for you. Is it possible YES I've cut $55,000 in debt out of my life in 4 years.

Karess Rep Points:
moderator
Posted on November 15, 2009 at 7:08 pm
Good points raised by Tamara. Though I would have to beg off against the home equity loan, because aside from the risk of losing your home, you may not be able to receive the full amount of that. It would just range at around 50-80% of your home's equity.

Purple Cow Rep Points:
Posted on November 16, 2009 at 1:41 am
Not to mention the fact that certain homeowners end up making "balloon payments" as a result of a mishap in terms with the amount they borrowed.

Karess Rep Points:
moderator
Posted on November 27, 2009 at 3:07 am
If you're still looking for quick ways to pay off credit card debt, what you can do is log on to DestroyDebt.com, fill out a form on the main page of the site, and from there you'll be matched with a qualified provider free of charge.