More and more people are weighed down with debt; failure to pay the monthly due will bury you in interest charges. The way banks compute the required minimum payments, and high interest rate it would probably take you more than 10 years to pay your credit card debts. Some people just to escape the burden of debt file for bankruptcy but this should be your last resort. Bankruptcy will wipe out your credit score and no one will want to finance you if you want to enter any business transaction.
To avoid drowning in debt and potential bankruptcy its time to check your finances and spending if you do not want drown in credit for the decades of your life. The first thing to do is take note of all your debts from credit card, to your home Mortgages, to the money you owe your friends. Starting with the biggest balance list everything down then choose which you need to pay first. You could choose to pay the debt with lowest balance and pay minimum with the rest this is a traditional approach called the debt-snowball method or you can opt for the highest-interest method, which would concentrate on paying off the highest-interest debt first while making minimum payments on the rest.
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If possible, stop using your credit card to avoid over spending. You do not want to spend the money you do not have and continuous use of credit card will not break the cycle of debt. Check your credit history and if there are errors, you can file a dispute to improve your credit score.
If these budget cut and usual money saving tip could no longer help you, it is better to ask for help. You can talk to your bank and ask for debt settlement to reduce your balance to a more manageable amount. For faster result, you can ask the help of lawyers and debt Settlement Company for a fee of course the higher the debt the higher the fee. The advantage of employing these companies beside the speedy process is they can negotiate a higher settlement since they already have deep business relationships with the bank.
The bottom line is using all the available option and resources to payoff your debt as soon as possible. The longer the debts remain the higher the interest will be and the more problems you will have to face.
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