{"id":2412,"date":"2021-09-20T18:19:36","date_gmt":"2021-09-20T18:19:36","guid":{"rendered":"https:\/\/www.zakoom.com\/?p=2412"},"modified":"2021-09-20T18:19:38","modified_gmt":"2021-09-20T18:19:38","slug":"guide-to-getting-clear-from-credit-card-debt","status":"publish","type":"post","link":"https:\/\/www.zakoom.com\/guide-to-getting-clear-from-credit-card-debt\/","title":{"rendered":"Guide To Getting Clear From Credit Card Debt In This Covid-19 Pandemic 2021"},"content":{"rendered":"\n
Do you feel like you’re just one or two missed payments away from being buried in debit and credit card bills? If so, then this guide is for you. The post will show you how to avoid the trap of accumulating debt and get out of the mess with some quick tips that anyone can use. Though, if you are already in huge debt and are looking for the best ways out then, a debt settlement loan from Canadian Cash Solutions is the right thing for you. <\/p>\n\n\n\n
To start, you\u2019ll need a credit card. You can get one from any credit card company. We don\u2019t recommend using the card for money, but rather to track your spending. This will make it easier to see exactly what you spend your money on and which accounts you owe the most money to. Just be sure to set up an account with 1 -2 months of purchases so that you know how much is left in your available cash after paying credit card bills.<\/p>\n\n\n\n
Once you have a credit card, cut yourself off from all other accounts so that you can focus on building up your new one. No other accounts should be opened until the new account is established and running fairly smoothly.<\/p>\n\n\n\n
Now you want to close out all your old accounts. Go through what you owe, how much it is, and if any of the accounts are paid off. To determine how much to have left, have a list of all your remaining balances for each account. The first thing that should come out is whether or not you’ll be able to pay the bill in full or if there are some other methods that could be used to get clear.<\/p>\n\n\n\n
However, this doesn’t mean that it will show up as a paid-off account. If an account has all its payments sent to another bank or closed within 24 hours of opening, then it’s likely to disappear from the credit bureaus. The reason for this is that creditors are typically unable to collect their debts after accounts are closed. This results in them reporting the accounts as unpaid instead of paid off. If they mark the debts as paid, it can lower your credit score.<\/p>\n\n\n\n
One good way to close an account without affecting your credit is to make a minimum payment on the card. For example, if you owe $100 and only show the account as $50 in debt on your report, then you’re able to keep the account open and pay it off with a small monthly payment. After a few months of doing this, it’s likely that the creditor will remove all accounts with any remaining balances due from their system. This is because they don’t have any way to collect from you anymore so they’ll begin reporting unpaid debts instead of paid ones.<\/p>\n\n\n\n
If you can’t pay off your old debt, then it may be best to attempt to negotiate with the creditors. They will likely try to convince you to make a large payment by taking advantage of your situation. Just remember that all they want is money, so they may agree to take less if you agree not to contact them again.<\/p>\n\n\n\n