Ways to Repay credit Card Debts

Asset - Ways to Repay credit Card Debts

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Are you getting frustrated with regular harassing phone calls and mail threatening legal performance for nonpayment of credit card balance? You can ignore these calls and letters but it will not make your debt go away. Creditors will do all in their power to recover the money from you. Instead of running away you can take proactive measures to clear your debt. Here are few suggestions that can truly help you:

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Asset

Dig your savings: Take a good look at your savings and assets. You will be surprised that some of your savings and investments earn you less that what you pay for interest on your existing debts. If you have investment and savings that you can cash and apply towards your debt I advise do so right away. Don't worry about the rainy days. If your credit is maintained you will be able to borrow money again God forbid you run into an emergency. Borrow second mortgage: population are afraid to take a second mortgage on their home. If you have any equity on the house borrow money against it. It will be much economy to pay interest on second mortgage than on your credit cards. Borrow loan on 401 k: 401 k is another often over looked asset. Pull your 401k statement out and see how much you can borrow on it. Use it to pay your debts right now and slowly repay what you borrow on it. Negotiate with creditors: Call your credit card fellowships and negotiate with them. Have them to reduce your cost balance and lower your interest rates too. Let them know that you are considering filing bankruptcy if this does not happen. credit card fellowships will negotiate and give you a break as they don't want to lose their money. Never File for Bankruptcy: Often population will try to convince that bankruptcy is the fastest way to get rid of debt. In my view bankruptcy should be the last resort. Bankruptcy brings more problems than solutions. It will be years before you will be able to restore your credit and resume normal activities.

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