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  • Writer's pictureJENKINS POMBO 3wc

Get Out of Debt

There are a few ways to mitigate what seems to be a never-ending circle of vicious debt. Its like quicksand, the more you struggle, the deeper you slip in.


Firstly, let’s be clear that bad credit card debt is a mindset. Only spend what you can pay off right away. If there is more spending than what is made during the month, than there needs to be drastic changes immediately.


It’s okay to say, “NO”! No one will think you’re a bad parent or person if you say you can’t afford luxury items. Be honest and real with the financial situation.


Let’s just say we have fallen in debt; how do we get out?


Do not let anything go 30 days past your due date. Maintain Credit Score at all cost.


1. Bring the credit card below the limit

a. If the card is not closed, this allows the card to be used again when you put any payments towards it. That’s whatever amount you paid is immediately available to use. Killing two bills with one payment.

b. Getting points on a credit card, too.


2. Start looking for cards with lower APR

a. Look into doing a balance transfer.

i. There are promotions that give interest free transfers for a period.

ii. Keep looking for other credit card companies, that way you keep moving the balance around. Take advantage and pay as much as you can and watch the balance shrink.


3. Consolidation Loan

a. Combine your debt.

i. Psychologically relieving since you went from multiple payments to one.

ii. This will make your payments manageable and the payments are usually lower

iii. The interest rates usually lower.


4. Always add collateral to any of your loans.

a. This will cut down your interest.

b. Get a consolidation and then add a collateral will bring your interest and payments down.

Pay ahead if you can


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