It’s no secret that most Americans are drowning in debt and one main reason is because of the little ‘plastic money’ inside our wallets. Whether we bought the new plasma TV or just had a nice latte from Starbuck’s, plopping down the plastic recklessly is a sure way to crush your financial present and future.
If you are serious about getting out of debt then there are a ton of things you can do. Simple things like asking for the settlement, getting a reduction in your credit card rate, and staying away from the payday loan bandit will help put you on the road to financial recovery. Let’s explore how to use these three credit card debt solution tactics while also keeping our sanity.
Ask for the settlement
This one is actually funny to me. You get a ton of collection agencies calling you saying they have an ‘important business matter’ to talk to you about. As if we don’t know that want money? 
They threaten to do all kinds of stuff and my response is if you can do it then just go ahead and save yourself the hassle of trying to get money from me. It’d be a lot easier I’m sure. But here’s what most people don’t know.
The company that’s calling you has bought the debt from the credit card company and they bought it cheap. Sometimes pennies on the dollar. So if you owed $300 they may have bought it for $50 and would be glad if they can get $150 for it. The agents that call you get bonuses for closing the deal and that’s why we offer to pay it now if they give us a settlement. Ask what the settlement amount is and never let them get an answer from you first. Find out what they offer then offer lower. If the credit card is still open then ask for a reduction in the rate as well.
Heck, it doesn’t hurt to go for what we want and if they say no then we still come out cheaper. Nice. (Hi-yah! Ninja style!)
Get a reduction in your credit card rate
If you still have the credit card open then you can ask for a reduction in your rate. Don’t borrow any more money from payday loans, or relatives to pay a bill you can’t afford. If the company is not willing to play ball then tell them that you would be happy to pay interest to their competitor. (sarcasm intended) I know of one person who used this all the time. Believe it or not, just reducing the interest can bring your bill down.
Way down.
Stay away from the payday loan bandits
Ok, I shouldn’t have to say this, but I am going to. Payday loans are some of the most terrible places on the planet. These people feed off of the disease of debt and will make it more difficult to pay off debt. You should by all means stay away from these places as you are working your way out of debt. If you have to go without cable then go without it, but don’t finance your future at a gazillion interest. It’s just not worth it.
Overall, there are more techniques you can use to pay off credit card debt like opting to consolidate. But you also have to make sure that you deal with the real reason you got in debt in the first place. Whatever credit card debt solution you choose make sure to do your research and stick with it once you start!
