Besides choosing the right approach, there is still more you can do to eliminate debt. Did you know that you can…
- Negotiate lower interest rates by contacting your credit card companies or lenders and asking for a lower rate? Contact your credit card company and explain your financial situation. Even a small reduction in interest rate can make a big difference.
- Set up an automatic payment plan so you never miss a credit card or loan payment? Your creditors can help set up a realistic payment plan. Just be certain to have enough in your bank account every month to cover all of your automatic payments.
- Consider debt consolidation to combine multiple sources of debt into one loan with a lower interest rate? There may be fees or terms associated with debt consolidation, so be sure to read the fine print. The Consumer Financial Protection Bureau https://www.consumerfinance.gov and the Federal Trade Commission https://www.ftc.gov can provide reputable guidance.