How to Get Out of Debt

Published January 2021
Get Out Of Debt

Managing credit card can be stressful, but if you’ve been struggling with how to get out of debt, read on for some tips on how to get started.

Credit card debt can be stressful and difficult to get out of, but it isn’t impossible. ClearOne Advantage can help you come up with a plan to get out of debt fast, no matter how much debt you have accumulated.

It is essential to pay off debt as quickly as possible to avoid additional interest fees increasing your credit card debt even further out of control. Even a large amount of debt can be dealt with in a timely manner, if you choose the correct option.

How to Get Rid of Credit Card Debt Fast

Here are three options to help you pay off debt fast, depending on the amount of debt you have already accumulated:

  1. Do-it-Yourself Debt Reduction

If you are current on your payments, have a steady income and can afford to pay more than twice the monthly minimums on your credit cards, you may be able to tackle debt on your own.

  1. Debt Consolidation Loans

This method of getting out of debt fast is essentially transferring your debt to one loan payment, and only works if your credit score is still high. If you can’t get a lower interest rate than what you are already paying on your debt, this is probably not the option for you.

While they do pay off your credit card debt almost instantly, debt consolidation loans are still a type of debt. Without determination to stay out of credit card debt, you may be tempted to use your now available credit. Stay committed to financial health or you may find yourself in the same position down the road except this time you’ll also have loan payments.

  1. Debt Settlement

Debt settlement plans are for those who have over $10,000 in unsecured debt who are having trouble making payments or have already missed payments. It is the only one of these options that allows you to pay less than you owe, allowing you to get out of debt even faster. Debt settlement companies, like ClearOne Advantage, negotiate with your creditors to reduce your debt by as much as 50% before fees and are designed to resolve your debt in as little as 24-48 months.

Tips for Paying Off Credit Card Debt Fast 

If you are just starting to accumulate credit card debt, you may be able to pay off the debt without professional intervention. Paying off debt on your own takes discipline to succeed but these tips may help you stay on track now and in the future:

  • Stop using your credit cards. Pay off your debt before using your cards to avoid additional interest fees.
  • Catch it early. Don’t wait until debt collectors are calling before getting help with your debt. The longer you wait, the more you will owe.
  • Know when to ask for professional help. If you have tried to get out of debt on your own with no success, it may be time to go to a professional, such as ClearOne Advantage.

If you are behind on payments and unable to get out of debt on your own call a ClearOne Certified Debt Specialist at 866-481-1597 today to discuss your situation, explore your options, and get a free savings estimate.

Savings Estimate Green Overlay


Topics: Financial Education