If you need to get debt free but struggle to keep your repayments and accounts under control, you might consider consolidating all of your debts into one. This has several advantages, including making your expenses and repayments easier to track, easing stress caused by harassing phone calls or letters and giving you a clear pathway and timeframe to become debt free.
If you have multiple credit cards debts and you struggle from paycheck to paycheck with meeting your repayments, it can be tempting to just pay the minimum amount requested each month. Only repaying only the minimum monthly repayments will mean you end up paying more in interest and your credit card debt will take a long time to repay.
The best way forward is to repay as much as you can possibly afford each month. This will help reduce the overall interest you pay and will obviously reduce the period in which you can become debt free. The only complication which can arise if you have multiple cards, is which credit card you repay first.
If you only have one or two credit card debt accounts we suggest that you repay the credit cards evenly as most credit cards have a similar rate of interest and you need to treat all creditors equally.
If you have a good income and credit history you may be able to apply for a debt consolidation loan. This would allow you to roll all of your debts into one fresh loan and provide you with one regular payment to manage.
If you would like to speak to a credit card debt consolidation expert we operate a toll free advice line on 1800 98 10 70.