Credit cards are like a death trap for the millennial generation whose hobby is shopping, because they can’t afford to pay off their mounting credit card debt. The convenience of shopping using a credit card is one of them because you can pay later, the limit continues to rise when the user manages to complete the installment payments on time, the limit is increasing, you only pay according to the minimum payment amount, suddenly the debt has been mounting.
Debt from credit, if left unchecked, can lead to monthly fines, interest rates and schemes that make credit card users fall deeper and deeper until they can’t pay anymore.
Here are tips to pay off credit card debt that is too old;
1. Stop using credit cards
Steady in your heart, hold fast to the principle of stopping using credit cards until all your debts are paid off. Even though there is still a limit on the credit card, don’t use it because it can increase the installment burden. The initial burden already feels heavy, it’s even heavier hehe
2. Selling valuable assets
Sell some valuable but less needed items such as smartwatches, downgrade HP, and so on. With the money from the sale of goods, you can use it to cover debts and you can still buy them later when your finances are stable
3. Pawn Items
Want to make money fast but don’t want to lose valuables? The solution can be to pawn the goods to the official pawn platform. Later, if there is sustenance, all you have to do is redeem the price of the item
4. Request a refinance
This is a method of paying off debt by taking on debt. The impression is like digging a hole to cover a hole. You can borrow from another bank to pay off credit card arrears. At least until here you can breathe easy until you arrive at the next debt installment payment
5. Negotiating and mediating
If you are stuck without money, don’t run away, but contact the credit card issuing bank to ask for relief through negotiation and mediation. At least the bank will provide interest relief, be freed from penalty fees or extend the maturity with fewer installments
Hopefully with the tips above, the remaining debt on your credit card can be paid off as long as it is done consistently and never gives up. It does take time but at the same time it also gives space to breathe and manage the rest of the finances
Start saving, look for other sources of income, take advantage of skills or whatever to improve financial ability. Hopefully your debt will be paid off soon and in the future you can use credit card payment facilities more wisely