4 Ways to Help Pay off Credit Card Bills with Debt Help Options

Read on how to help pay off credit card debt with different debt help options.

1. Consolidation Loan- This type of loan can be taken from banks or a financial institution. There are two types of consolidation loans- secured and unsecured. A secured loan is one in which you take out money from your house, or property that you own. This type of loan charges low interest rates. AN unsecured loan means you take out a loan without anything held as collateral. This loan is a giant risk for the lender since there isn't anything to collect if they come up short.

2. Balance Transfer- This method allows you to take several credit card debts and transfer them to one credit card with one low interest rate. This allows you to pay off your outstanding credit card balance with ease. Once you transfer your balance to one of these cards, you should repay the balance of the card within the low introductory rate period. If you choose not to pay it off within the period, you may be charged a high interest rate on the balance amount.

3. Debt Snowball- In the debt snowball method you take all the debts you owe from lowest to highest and pay them off in that order. Once you pay off the smallest debt you move on to the next one. This method is highly advised by Dave Ramsey.

4. Debt Avalanche- This method allows you to pay off your outstanding debt from highest interest rate to lowest. Once you pay off your highest interest rate, then move to the next highest interest rate.

 

If all this fails, Call Dave Ramsey.

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