Credit card debt can sneak up on you, and quickly. Unexpected expenses such as emergency medical treatment, a broken down car, or even small purchases that add up can all wreak havoc on your credit card debt and credit score. If you sell your structured settlement, you can alleviate credit card debt, get your life back, and start on your way to rebuilding your credit score.
Paying down credit card debt in small installments can seem an insurmountable task, but if you’re receiving payments, consider the benefits to you and your family if you sell your structured settlement for a lump sum and pay off your credit card debt in full. Living debt-free not only reduces stress, but it also frees up more disposable income for you to enhance your lifestyle and provides the chance to build up a strong credit score, opening up more opportunities for you in the future.
There are two ways to tackle credit card debt: increase your income and reduce your expenses. In this article, we’re going to discuss some easy ways to do both and get rid of that nagging credit card debt once and for all.
- Increase Your Income Through Additional Employment
One way to increase your income is to take on a second (or third) job. While this may not seem like a workable solution, always remember that it is only short-term. The reward of living debt-free for the rest of your life far outweighs the sacrifice of working extra hours for a few short months or years.
- Increase Your Income Through Non-Traditional Means
The Internet has opened the door to numerous ways for people to make extra money without ever leaving their home. For instance, if you have a skill such as graphic design, voice over, or writing, create a profile on a freelancer website and start to build a side business. You can also look for functional but unused items in your home and sell them through websites such as eBay or Craigslist. If you have a spare bedroom in your home, or are frequently out of town, consider renting out your house or bedroom on room-sharing sites such as Airbnb, as this will provide monthly income without any extra effort on your part.
- Increase Your Income by Training for a Better Career
While going back to school may be an expense in the short-term, it can open the door to a better career that will pay dividends in the long-term. You can sell your structured settlement for cash and use the money to fund training towards advancing yourself in your current job or starting down a new career path.
- Decrease Your Expenses by Using Cash
Credit cards make it way too easy to spend more than you budgeted for. To decrease your expenses, try using cash more often. Plan out your expenses ahead of time and allocate a certain amount to each expense. If you only have a certain amount to spend each week, you’ll be less likely to succumb to impulse purchases and overspending.
- Decrease Your Expenses by Cutting Back
While cutting back on certain expenses, such as dry cleaning, memberships, or children’s sports, can seem unfathomable, always remember that you are sacrificing in the short-term for long-term gain. Going without certain items for a short period can free you from credit card debt and actually enhance your lifestyle in the future.
- Decrease Your Expenses Through Consolidation
If you have several credit cards with a balance, you can drastically decrease your expenses by consolidating those debts and making one monthly payment (this is called an installment loan). It will reduce the amount of interest you are charged and makes it easier to track and manage debt. There are numerous credit counseling services available that can help consolidate your debt and get you on track to rebuilding your credit. Be aware that some consolidation programs are better than others. Some plans require you to become delinquent on your accounts in order to be eligible for consolidation. Missing even one payment on an account will hurt your credit history and your credit scores.
If you follow these tips and sell your structured settlement for a lump sum payment, you can make credit card debt a thing of the past. If you’re struggling with credit card debt, call RSL Funding today at web_phone or request a quote online to get the most money when you sell your structured settlement.