Debt relief is a common need for many people, and there are several helpful options you could look into. Of course, every person’s debt and financial situations will be different, but the end goal is consistent: pay off the debt as quickly and as easily as possible. With that said, each person’s specific situation and set of circumstances can be used to develop a unique technique or method to get out of debt.

While paying back your loans by yourself may be difficult, it is often the simplest and easiest way to get out of debt quickly. If you can afford to pay them off by yourself, doing this would be the best option. The most difficult part in this process is simply budgeting the money out between all of your debts and deciding which one to prioritize first.

Choosing which account to pay off first comes down, mostly, to personal preferences. Essentially, there are two different methods you could choose. On the one hand, you could start off with the accounts that have the lowest balance. These will be quicker to pay off and will leave you feeling more accomplished sooner and with less accounts to deal with. On the other hand, you could fight the bull by the horns and tackle your most expensive debt first. While this may take longer to feel accomplished, the process will only get easier as you continue down your list of accounts—instead of dreading the largest one at the end.

Regardless of which credit card consolidation organizational method you choose, the most important thing is that you choose one and begin. Once you’ve chosen the account you will pay off first, it’s time to call your credit companies (all of them, not just the one you’ve chosen to focus on!) and discuss a lower interest rate. If the creditor believes that you will not be able to pay off the debt otherwise, it is likely that they will agree to lower the rate. This will save you money while you pay off your debt. Store cards, however, may not be as easy to talk down to a lower interest rate. Instead, you may be able to transfer your store card’s balance onto a different card with lower interest, which would accomplish the same goal.

After you have spoken to your creditors about lowering your interest rates, you will begin the process of paying off your debt successfully. You should continue to make the minimum payments on all cards other than the one you have chosen to focus on first. Your focus account should get a little extra put towards it each month. Find ways to increase your income and make some extra cash in order to focus on your target account. Even small amounts will add up over time.

When you have successfully paid off your target account, choose a new focus and repeat the process. By following this method, you may be able to have all your credit card debts paid off in approximately three years or less. Of course, if you feel that you would be unable to follow this process, you should consider speaking to a credit counseling agency. Such an agency could help you organize a similar process and even negotiate your lower interest rates for you. Often times, you’ll also be able to consolidate your debt by paying the agency on sum per month that they will then divide up to your creditors.

Consolidate Credit Card Debt

Whether you choose to pay off the debt yourself or pursue debt consolidation, it is likely that you will be in a better financial situation within five years or less. Bankruptcy should never be an option, as there are plenty of other alternatives to consider that can save you time, stress, and money in the long run. If you’re struggling with debt, consider one of these options today to start you off on a better path.

If you are falling behind on your payments and need an advice you can count on Strategic Debt Relief for help. Call us 877-297-4477 for a free consultation.