Rising Interest Rates Are Making Paying Your Credit Cards Difficult: Here’s What to Do

Was your New Year’s resolution to pay down your credit cards? Chances are that you’re finding that hard to do. Even if your monthly minimum payment has not changed, it’s likely that your monthly interest charges have gone up. A smaller part of each payment is going to pay down your card.

So, what can you do?

Tighten Your Belt Even More

One way to cope with rising interest rates is to spend less. That means less eating out, no expensive entertainment, no trips, no major purchases. This method works, but if you are already having trouble finding the cash to buy groceries every week and keep the lights on every month, it’s not a great choice for you.

Increase Your Income

Work overtime. Get a second job. Or a third job. Start working evenings and weekends.Very few people actually enjoy working all the time. Many jobs don’t offer overtime. Working second and third jobs can leave you too tired to perform well at your primary job.

And if you have a family, they need your time, too.

Ask for Forbearance from Your Creditors

Some credit card companies will close or restrict your account even if you have a perfect record of payments with them, even if you pay your card in full every month. That can happen when you get in trouble with other creditors. Some credit card companies will restrict your account, or even make the full amount immediately payable, if you get in trouble with other creditors.

Not every creditor is like that. Some will work with you by reducing your minimum payment and lowering your interest rate until you get back on track. Forbearance may reduce the damage to your credit report. You will still have to find a way to pay down your debt.

Get a Consolidation Loan

Symple Lending offers another way to get your debt under control. Get the help of an experienced debt consolidation agent.

Debt consolidation loans pay off creditors, so you have a single loan at a single, fixed interest rate. Your debit consolidation agent will help you create a budget that allows you to pay off all of your debts with a single payment every month. Because the interest rate is fixed, you can be sure that the amount you owe is always going down.

Facing your financial realities is your first step to financial freedom. The only way a debt consolidation loan can make you eventually debt-free is by sticking to your resolution not to take on any new debt.

New credit cards, lines of credit, and loans can be tempting as your credit score goes up. Paying off your consolidation loan first gives you the freedom you crave over the long run. There may even be a day when you pay cash for new purchases, and you don’t need loans at all~!

Let Symple get you started on the road to financial freedom. Let Symple help you create a less stressful, more successful financial future.

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