Help with Credit Card Debt Over $10,000

If you are currently dealing with a major credit card debt exceeding $10,000, you aren’t alone. The fact is, a lot of people have major credit card debt. Whether it be from unscrupulous spending or student loans, credit card debt can be a major financial obstacle if you don’t know how to pay it off. Below, you will learn about some key tips to help you learn how to pay off substantial credit card debt.

Tips For Paying Off Major Credit Card Debt:

1. Leverage A 0 Percent Card

Get yourself a new credit card with 0 percent interest. If you are able to find, apply, and get approved for a card that has 0 percent interest, you will be able to transfer your existing debt onto it. This is one of the best and easiest ways to consolidate your debt. You can transfer your existing debt onto your no-interest credit card which will give you a longer period of time in which you can effectively work to pay it off. A lot of cards will offer 0 percent annual percentage interest for 12 to 16 months when approved. This can be a great way to minimize compounding interest on your existing debt and help you flatten out your debt.

2. Stick To Highest Interest Rate

If you have multiple cards that have a balance on them, you will want to try to pay off the cards that have the highest interest rate. If you have a credit card that has a high-interest rate and another one with a lower interest rate, it will be more beneficial to pay off the card that has the highest rate. By doing this, you will be able to minimize the total amount of money you end up having to spend in excess due to high interest. Stick to paying off your highest interest credit cards because it will end up saving you the most amount of money in the long run. Once you are able to eliminate the total debt on the card with the highest rate, you can begin to move onto the next card with the next highest rate.

3. Don’t Add Everything Together

One of the biggest ways to get overwhelmed with the amount of debt you are faced with is by adding everything together. Instead of doing this, you should be looking to separate your debt to make it seem much more manageable. By splitting up your credit card balances and making it spread apart, you can make the debt seem much more manageable than it might actually be. This can boost your confidence and allow you to feel like the debt is more manageable than it is.

4. Create A Budget

When you are looking to reduce your debt problems, you will want to be certain that you have a budget that you are sticking to which will allow you to make payments towards your debt. Having a good budget in place should allow you to make the right kind of payments that you need to make to pay down your debts as fast as possible. You can use online tools like Mint.com to help you do this.

5. Don’t Pay Minimum Balances

One of the biggest mistakes a lot of people make when they are looking to pay off their debt is paying the minimum balance. By paying the minimum balance, you will end up forcing yourself to pay a lot more in interest. Instead, you should be making significantly higher payments towards your debt to avoid having to pay high-interest rates on your credit card spending.

6. Stop Spending Money

If you have a lot of debt and you are dealing with credit card debt specifically, you will want to halt all spending until you are able to pay it off. You don’t want to continue spending money on a credit card that is accumulating high-interest rates. Instead, you should transfer a lot of your spending to cash if you need to start spending money on things. Don’t spend any money on your credit cards until you are able to get your spending and your debt under control. This can keep you from making your spending even more costly by forcing you to pay high-interest rates on it. While it might be nice to be able to forgo paying off your debts, you don’t want to continue spending on a credit card that is going to force you to spend more in interest rates.

Overall, there are plenty of different tips that you are going to want to use when you are trying to pay off high credit card debt. You want to be certain that you are looking for ways to reduce your interest rate by leveraging transfer balances, avoiding overspending on your cards, and paying off more than your minimum amounts on your credit cards. By implementing all of the tips above, you should be able to get rid of high credit card debt as fast as possible.