Hi folks, J.G. Wentworth here with some “secret” credit card debt-reduction strategies designed to keep you debts low and your financial life on track.
1) Ask for a better deal from your credit card company
If you are in debt, don’t be shy about calling your credit card company and asking them to lower your interest rate. Because if they refuse, you may have the option to:
2) Move old credit card balances to a new card
Credit card companies frequently solicit new customers with better interest rate offers for balance transfers. Always read the fine print, of course, but if you see an offer with a better interest rate, consider taking it.
3) Switch purchases to your debit card
Using your debit card, instead of your credit card, is a great habit to fall into. No longer can you put off paying for purchases sometime in the future, because your bank will simply not allow it if you do not have enough money in your account (or are too deeply overdrawn). It’s a great way to keep from falling deeper into debt!
4) Pay down your highest debts first
Not all credit card debts are equal. Some have higher owed amounts, higher interest rates, or both. When it comes to escaping credit card debt, the general rule is to try to pay down your largest debts first, however you do want to take into account your balances with the highest interest rates as well.
5) Do your best to avoid credit card debt consolidation companies
Sadly, these companies frequently seek out uninformed, even desperate, customers. While there are certainly legitimate credit credit card debt consolidation companies out there, you should only work with one with extreme caution.
6) Reward yourself when you have been fiscally responsible
This may seem counterintuitive if you are already in debt, but if you have a fiscally responsible month, and have taken a bite out of your debt, give yourself some kind of financial reward (within reason, of course). Your subconscious will be pleased by the reward, and will look forward to future rewards – giving yourself even more incentive to act fiscally responsible in the future.
We are J.G. Wentworth, the nationwide leader in purchasing structured settlement or annuity payments for cash, and we deeply care for our customers, wishing them both financial prosperity and peace of mind. We urge you to do your best to minimize your debts, each and every month. And if you are interested in selling your future payments for cash now, please give one of our customer representatives a call at 877-227-4713.
Every individual’s financial situation is unique. J.G. Wentworth and its representatives do not provide financial, legal or tax advice. You should consult a qualified tax and/or legal professional for advice and information concerning your particular situation.