Since
you now need to pay off your credit card loan, I suggest that you put
all the money you can spare to paying your credit card bill. Just
keep what you need to eat, and to pay your rent and utilities, in
other words, your basic needs. You will really have to tighten your
belts until this is fully paid. You will be in bigger trouble if you
don’t do that very quickly. You need to really work out a program
to reduce your credit card debt over a specific period of time.
The
first thing you should do is to sit down and carefully talk about
your finances with your wife or husband, cut your expenses
drastically, sell whatever you can sell to get out of your credit
card debt immediately.
Next,
you should do is to negotiate with your credit card company for a
lower interest rate. You can do this by surrendering your card and
basically telling them that you cannot afford to continue with their
high interest rates and that from now on, you will just be paying
down your balance. This way, your monthly payment will be reduced
greatly! It is best to always be open and straightforward with your
creditors.
