Credit Card Debt Reduction - How to Consolidate Then Eliminate Credit Card Debt by 60%
Credit card debt reduction is a real hard nut to crack sometimes.
But, with a little planning and guidance you can even eliminate credit card debt up to 60%.
Given here are a few tips to help you in this endeavor.
First and foremost step would be to talk to the bank.
We all have a clue of our earnings and we can judge if we will be able to make the payment on time or not.
Now if you can't make the payment and you know it, just go to the bank and talk to the concerned department.
In some banks they have a loan mitigation department and some of them have a loan modification department.
The idea is to talk to them before the bank approaches you as a defaulter.
Here, you must keep records of the letters sent to the bank.
Send the letter by email and save a copy of it for yourself.
If you post it, send it through a registered service and keep the receipt of the delivery very safely.
Once you are sure that they have got the letter, only then visit the bank.
Next, surrender all the other credit cards and stick to one only.
It would reduce the expense of the interests paid, reduce your paper work and also add to the trust that the bank has in you as their client.
Further, give legal paper proofs to the bank about the change in your income.
If the business is running in loss, show the accounts.
If the shares have lost their value and so you have had a loss, show them the share certificates.
If you have lost the job, show them the termination letter.
The idea is to prove to them that you are actually in a crisis situation.
Cut on all the unwanted and wasteful expenses.
Also see that you do not make such expenses in future as well, at least till you have cleared all the debts.
It is very important if you are serious to eliminate credit card debt.
They actually check your expenses through the bills paid.
Now if you are spending on films, eating out and fun times, how would they trust you on your honesty.
Credit card debt reduction also calls for a lot of planning.
Look for some part time jobs and assure the bank that you want to pay them back their money.
For this you should show them the attempts that you are making in this prospect.
Further, you can also try doing debt consolidation.
That means taking one loan to repay all the others.
It would save the money that you pay in so many places as the interest.
This is perhaps the wisest thing that you can do.
And before that apply to the bank in the proper legal manner to reduce your loan as this is an unsecured loan that can even be reduced by 60% as per the law.
This is not possible in case of the secured loans.
But, with a little planning and guidance you can even eliminate credit card debt up to 60%.
Given here are a few tips to help you in this endeavor.
First and foremost step would be to talk to the bank.
We all have a clue of our earnings and we can judge if we will be able to make the payment on time or not.
Now if you can't make the payment and you know it, just go to the bank and talk to the concerned department.
In some banks they have a loan mitigation department and some of them have a loan modification department.
The idea is to talk to them before the bank approaches you as a defaulter.
Here, you must keep records of the letters sent to the bank.
Send the letter by email and save a copy of it for yourself.
If you post it, send it through a registered service and keep the receipt of the delivery very safely.
Once you are sure that they have got the letter, only then visit the bank.
Next, surrender all the other credit cards and stick to one only.
It would reduce the expense of the interests paid, reduce your paper work and also add to the trust that the bank has in you as their client.
Further, give legal paper proofs to the bank about the change in your income.
If the business is running in loss, show the accounts.
If the shares have lost their value and so you have had a loss, show them the share certificates.
If you have lost the job, show them the termination letter.
The idea is to prove to them that you are actually in a crisis situation.
Cut on all the unwanted and wasteful expenses.
Also see that you do not make such expenses in future as well, at least till you have cleared all the debts.
It is very important if you are serious to eliminate credit card debt.
They actually check your expenses through the bills paid.
Now if you are spending on films, eating out and fun times, how would they trust you on your honesty.
Credit card debt reduction also calls for a lot of planning.
Look for some part time jobs and assure the bank that you want to pay them back their money.
For this you should show them the attempts that you are making in this prospect.
Further, you can also try doing debt consolidation.
That means taking one loan to repay all the others.
It would save the money that you pay in so many places as the interest.
This is perhaps the wisest thing that you can do.
And before that apply to the bank in the proper legal manner to reduce your loan as this is an unsecured loan that can even be reduced by 60% as per the law.
This is not possible in case of the secured loans.
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