By Lubna Hamdan
Pay your dues, get rid of the blues
A man in debt is so far a slave. American lecturer Ralph Waldo Emerson had a point when he made that statement.
Not only does credit card debt way heavy on the shoulders, but it’s also stressful, nerve-wracking and a pain to get rid of. So we did what anyone with debt would do: find an easy way out (sort of). Here are six ways you can get rid of your debt faster:
1. Pay more than minimum payment
It’s painful. We know. But paying more than the minimum monthly payment amount is a sure way of getting rid of your credit card debt faster. Tight your budget in subtle ways (such as decreasing your nights out) and put that extra money towards a higher payment plan.
2. Freelance for extra cash
Or as millennials like to call it, ‘a side hustle.’ Extra cash is always handy when you’re trying to pay off debts. And freelance jobs can be a temporary solution. Websites such as Utalenta.com and Nabbesh.com offer freelancers a platform to finds jobs across the region. Just make sure to spend the extra cash on your loans.
3. Negotiate lower interest rates
If you haven’t tried to negotiate for lower interest rates with your credit card issuer, you might want to give it a try. According to experts, you’re more likely to succeed in getting a reduction if you have a good history of paying bills on time.
4. Consider a balance transfer
If your credit card firm refuses to lower interest rates, you might want to consider transferring your balance and moving your debts of high-interest cards to lower interest cards. However, experts recommend enquiring about transfer fees, as some credit cards have high ones.
5. Use your found money
We’re talking about those bonuses or annual raises you might (or might not) be getting at work. Make it a rule to use any found money to pay off your debts. It can even be an inheritance. We think it’s easier to let go of a bonus than a chunk of our salary every month.
6. Live on a budget (for a while)
This is a no-brainer, but most of us don’t make the effort to change up our lifestyle to pay off debt. Tightening your budget, even in the slightest ways, can go a long way when it comes to getting rid of debt. Decreasing the times you eat out per week alone can save you a good amount of money that can then go to paying off your debt (or prevent you from accumulating it).