Game Plan to Get Out of Credit Card Debt

Hight credit card debt can be a major red flag for banks and can lead to a bad credit score. A bad credit score, in turn, makes it harder for you to get financing. If you want to improve your chances of getting that loan application approved, build a game plan to get out of debt.

Stop using your cards

You won’t be able to get yourself out of that financial black hole if you’re still using your cards. While you don’t have to cut up your cards, some find that move helpful.

Cut back on your expenses

Paying the minimum only means a huge portion of your payment goes towards paying off the interest. That’s not ideal. Free up some cash by cutting back on your expenses, whether that means switching from a cup of Starbucks to instant coffee or packing your lunch instead of eating out. Determine the highest amount you can pay without stretching your budget too thin and start with that. With bigger payments, you can get the payments faster. That also means you can get out of debt much, much sooner.

Earn extra income

Earning a bit of extra income helps you reduce your debt faster, Global News says. The more you earn and put towards those payments, the sooner you can get to living debt-free.

Get help

If your debt is already out of control, don’t hesitate to get help. Look for debt consultants in Victoria. They can step in, evaluate your situation and put together a debt restructuring plan to help you get out of debt and rebuild your credit.


The best debt consultants in Victoria won’t be able to help you if you don’t commit to the plan. Make it easier on yourself. Before you ask for help, be prepared to make changes to your lifestyle and spending habits. Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.

Be the first to like.