Lower credit card debt without consolidating

12-Jun-2017 17:44

Examine your income and other fixed expenses, and determine realistically how much you can pay. People who do make budgets often make them too tight with no room for expenses that pop up less frequently than weekly or monthly."You have a senior in high school and you have to rent a cap and gown, pay for senior pictures and a senior ring," Cunningham says.You may not feel there’s room in your budget to make larger credit card payments, but if you’re serious about being debt-free, you’ve got to make some changes.To free up cash to pay down your credit card debt, you must try to cut your costs, increase your income, or both.Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.

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"It's not easy," says Ira Rheingold, executive director of the National Association of Consumer Advocates.There are only three key steps to renegotiating debt, but they're not simple.Step 1: Find a plan that works for you There are five basic arrangements: lump-sum settlement, workout arrangement, forbearance, debt management plan and debt settlement.Editorial disclosure: All reviews are prepared by Credit staff.

Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser.

Picking a balance transfer credit card can be confusing.