You might have credit card, make payment on time, and plan to live happily ever after, but anything can happen in our life. Sometimes, borrowers can run into high-interest debt due to all sorts of reasons, like job loss or illness. Either way, you should consider reducing or even eliminating what you owe. How to get out of credit card debt without paying? Is that even possible? Removing credit card debt without paying mostly needs payment, but there are two options that don’t seem to need that. Let us explain them in this chance.
Asking for Lower Interest Rates
The first option of how to get out of credit card debt without paying is to ask for lower interest rates. You can do this to your creditors. Just by requesting it through phone call, you should have been able to get the job done as easily as that. However, it is not like there is no requirement whatsoever to request this option. How to get out of credit card debt without paying by lower interest rates requires you to have good credit score. It should be 730 or higher. It is not the only requirement for it though. So, you need to pay attention.
The next requirement is for you to be the long-term customer. Not to mention, you have to be the one that always makes the payment on time. As long as you meet these requirements, eliminating credit card debt with low interest rate should be possible. By getting one or two percentage points eliminated, it is enough to save you hundreds of dollars annually. How to get out of credit card debt without paying can be this beneficial if you know the way. There is more to it to pay attention to, but it sure is worth trying for your own good.
Making Use of Peer to Peer Lender
The second option of how to get out of credit card debt without paying is to make use of peer to peer lender. Normally, borrowers just need to pay off their credit card in full to become free and clear. However, not all of them can do things as ideal as that. Sometimes, they don’t have enough money to pay off the debt at all. How to get out of credit card debt without paying might seem impossible when you first heard of it. However, there is peer to peer lender to make good use of.
There are secure sites that act as good lender, like LendingClub.com or Prosper.com. They offer loans with fixed interest rates. What’s great is that those rates can be lower than most credit cards by 20 to 30%. Keep in mind that you can save hundreds of dollars from it. As long as you have job and good credit score, you should qualify for the loan. You might need to lend to deal with credit card debt without paying, but you can save your credit card that way. How to get out of credit card debt without paying can vary just like this.