For Americans, dealing with debt is an all too familiar dilemma. Whether it’s student loans, personal loans, or credit cards, debt comes in many forms. With the majority of all three living American generations buried under mountains of debt, having a solution to deal with this issue is essential. Among the hardest forms of debt to escape is credit card debt.
Due to incredibly high interest rates and the pervasive use of credit to make many purchases, credit card debt has skyrocketed amongst Americans of all ages. While credit card debt can seem insurmountable, there is hope for those looking to get debt relief once and for all. Aside from seeking the services of an experienced credit debt attorney, there are several short- and long-term solutions can that can gradually chop away at your credit card debt woes.
Living Within Your Means
Cutting costs often involves acknowledging the reality of your situation. Living within your means can mean a number of things. If you live in a large home, downsizing can help. One of the best ways to cut costs is choosing to live with family. With family, you can drastically reduce living expenses. It may not be the most glamorous way to overcome your debt, but it can be one of the most effective ways.
Seeking Additional Income Streams
A great way to add additional income streams is by seeking as much passive income as you can. Through passive income, you can ensure you’re constantly generating income aside from that you already earn with your full-time job. Whether it’s selling extra items you don’t need, getting a part-time job, or renting out a room in your house, maximizing alternative income streams as much as possible will go a long way.
Create a Credit Card Plan of Attack
Handling your credit card problems requires careful planning and patience. Getting rid of credit cards all at once isn’t feasible, but chipping away in chunks can do wonders to garner favorable results.
Here’s what a prospective credit card payoff plan could look like:
- Biggest Balances: Targeting the biggest balances is critical to getting rid of debt. Because Credit cards have very high interest rates, failing to attack the biggest balances first just means more debt will be accumulated via interest. By chipping away at these larger balances, your odds of destroying debt once and for all are increased
- Focus on Highest Rates: The cards with the highest rates are going to pose the biggest threat long-term. Aside from just paying attention to balances, focusing on the higher rates is going to bode well for eliminating debt faster.
- Hire a Debt Relief Attorney: Debt relief attorneys can assist you with finding the best solution for debt relief. Whether it’s cultivating a plan or getting protection from debt harassment, a debt relief attorney can go a long way.
Among the aforementioned solutions, a debt relief attorney might be the best solution for dealing with debt.
Hire an Experienced Debt Relief Attorney
Debt doesn’t have to weigh down on you or your family. Here at the Law Offices of Jibrael S. Hindi, our experienced team can help you conquer your debt problems once and for all. We have helped clients defeat debt and we can do the same for you.
Whether it’s credit cards or some other form of debt, we offer free consultations to advise you on how to best proceed with achieving financial freedom. Give us a call at 1-844-542-7235 or complete our online contact form today for a free consultation.