People love to use catchy titles and when people think they are being told a secret it is that much better. They think they are being told something that know one else knows, but the truth is there are no debt elimination secrets. The information is there for the taking. It is about setting up a plan for debt relief and following it for the next several years and those are the challenges.
The best way to eliminate your debt is to do it on your, but as I said before, it will take a plan. First, you need to know where you stand. Make a list of what you owe and find the account with the lowest balance and begin with that account. Make minimum payments on all your other credit card accounts. On your target account, the one with the lowest balance, pay as much as you can towards the balance each month until it is paid in full.
At this point, you are ready for a new target account. Find the credit card bill with the next lowest balance and that is your new target account. Follow the previous procedure until that account is paid off. At this point you see how this is supposed to work. Follow this process until all your accounts are paid in full.
Here are some things you can do to speed up the process of paying off your debt. Call your credit card companies and ask them to lower your interest rate. Be persuasive and let them know you have other options. A reduced interest rate means money you will not have to pay.
Find more money to pay towards your credit cards. This will mean reducing your expenses, increasing your income or ideally, doing both of these. Be creative. What can you do without and what can you do to bring in extra money.
Break your credit card payment in half and make a half payment twice a month. Since interest is accrued daily, this will also save you money and every little bit helps. There really are no debt elimination secrets, but there are things that will help you pay your debt off faster. You just have to find them.
