How To Eliminate Credit Card Debt

Even though credit card debt has begun to accumulate and it seems impossible to pay off all arrears, there is always a way out to pay off these arrears. Many options are often chosen by many people. The question is how to eliminate credit card debt.

If you have a credit card balance, you may decide that now is the right time to pay it off.

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Americans' credit card balances swelled to record levels as they turned to credit cards to cope with high inflation. A recent Bankrate survey showed that more than a third (35 percent) of U.S. adults now have credit card debt month-over-month, up from 29 percent a year ago. That credit card balance averaged $5,474 per borrower in the third quarter of 2022, according to TransUnion.

How To Get Out of Credit Card Debt Without Paying

There is an intriguing question, namely "Is There a Way to Pay Off Credit Cards Without Paying?".

The answer is no. Debts that are in arrears to the bank must still be repaid. Otherwise, your name will still be poorly registered in the Bank's Debtor Information System.

So again, there is no way to pay off a credit card without paying. However, did you know? There are other options you can take to be able to pay off credit card debt with discounts that ease the burden. So, even though it's not a 100% discount, you can still pay off the debt much more lightly.

How To Get Rid of Credit Card Debt

Several ways can be done to eliminate credit card debt, such as the “Waiver Program”.

How do I get the debt relief program?

The relief program is a program provided by the bank to customers who find it difficult to pay off their remaining debts.

The program is divided into three types:

  • Discount / Discount in One-Time Pay

This type of relief program allows customers to reduce their total debt to a smaller amount. As the name implies, even though customers get a discount on their debt (generally 20-50%), they must immediately pay in one payment. In some cases, this one waiver program can give card owners a discount of up to 70%.

  • Extended Installments with Low Interest

Unlike the one-time discount program, this one program is suitable for those of you who are financially minimal. In short, customers who have credit card arrears can extend their installment tenor to make it lighter, the interest obtained is lower than the applicable interest in general. If the current normal interest rate is in the range of 2.25%, then it is possible to get interest of 0-2% only.

  • Installment Discount

Unlike this one program, this type of program is a combination of the two types of programs above, namely customers get a discount and the remaining payments can be made in installments. The bank will also look at the conditions experienced by customers first. If the customer has a supporting condition that makes it more difficult for them to pay off the debt, then they are more likely to get this program (provided that the bank in question has the program).

To get a relief program like the three options above, you can ask for help from companies that provide debt management services.

Companies that provide debt management programs like this usually have an experienced team of professionals in helping you to strategize in paying off debt.

Not to mention if you have several debts in various banks at once, of course, companies that provide debt management programs can help you in strategizing and deciding which types of arrears must be settled first according to the financial condition you have.

One of the advantages of using a company that provides a debt management program to overcome your credit card debt problem is that you can focus on finding funds to pay off debt.

It's just that, to get this help, you also have to be more careful in choosing the right service.

Hopefully this information about "how to eliminate credit card debt" is useful for those of you who want to immediately settle your credit card debt.


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