Credit cards are a staple in modern society. They both help make purchases easier and provide a credit history that can benefit you down the road.
On the other hand, credit card debt isn’t great. Even a little bit of credit card debt can add up and weigh on you. While you might think you have to pay off debt alone, that’s not the case. You can get help with credit card debt, making it easier to pay it off faster. Here are a few tips to keep in mind.
Research Your Options
When you need help with credit card debt, don’t turn to a company that could make things worse. Instead of debt consolidation services or companies that claim to offer debt relief in the form of a shady payday loan, look for another option.
An ideal service will help you manage credit card payment due dates, APRs, and balances without making you close any credit cards. It does so by offering a line of credit you use to pay off your balance, and then you pay the company back, sometimes at a lower rate.
Download an App for Credit Card Payments
Once you find a company that aligns with your needs and offers a line of credit, download its app to add and view all your credit cards in one place. Apps also monitor different APRs, due dates, and balances. The best app will make you feel like you’re much more on top of the details of your credit cards. When you better understand all of these aspects, you can make more informed decisions.
Use Credit Card Debt and Interest Calculators
Try to find an app that offers a credit card debt calculator. It can help you uncover exactly how much you owe and how long it might take to pay it off. You could also look into a credit card interest calculator. This helps you better understand how interest impacts your total credit card balance. If you’re like most, you might be surprised to learn how much interest actually costs.
Apply for a Line of Credit
Paying back your credit card debt can feel overwhelming. It might take months, if not years, if you keep making the minimum payments. All the while, interest charges keep adding up.
For many, a line of credit can help achieve credit card debt payoff. You use the credit to pay off your balance immediately. Then, you simply pay back this one line of credit, which might be at a lower APR. If you’re eligible, it might be a good option for you.
Hold Yourself Accountable
Even with an app and line of credit, it still takes discipline to get out of credit card debt and to keep yourself out of it. Maybe you celebrate milestones with a small reward, or write your balance down on a whiteboard every month and watch the number get smaller and smaller. Whatever the case, with the right support and a little accountability, you could find a way out of credit card debt.
Tally wants to help you worry less about credit card debt. That way, you can get you back to focusing on the things that really matter. A Tally line of credit can help with credit card debt and help you achieve credit card payoff. The app also offers other resources, such as a credit card interest calculator. You can also learn more about how credit cards work, what is a good APR for a credit card, and other aspects of financial health through the Tally blog. It takes only a few minutes to get started and check your eligibility. See how Tally can help today!
Need a little help paying off credit card debt faster? Check out Tally at www.meettally.com.
Disclosures: Lines of credit issued by Cross River Bank, Member FDIC, or by Tally Technologies, Inc. (“Tally”), NMLS #1492782 (http://nmlsconsumeraccess.org); see your line of credit agreement. Lines of credit not available in all states.
†To get the benefits of a Tally line of credit, you must qualify for and accept a Tally line of credit. Based on your credit history, the APR (which is the same as your interest rate) will be between 7.90% – 29.99% per year. The APR will vary with the market based on the Prime Rate. Annual fees range from $0 – $300.