Here are some alternatives for your kind reference:

Alternative 1: Look for friendly loan

When you are facing financial difficulties and it is hard for you to apply for secured personal loan or debt consolidation loan, looking for friendly loan from family members, relatives, friends or current employer is recommended. You can gather the fund from them and pay them back in future with or without interest. You can save your time and effort to apply loan from financial institutions.

Alternative 2: Negotiate with your creditors to reduce partial of your debt

If there is no friendly loan available, don’t feel upset. You can negotiate with your lenders to reduce your total debt. Contact your creditors or write in to them to request for help. Inform them about your current financial position and prove to them that you can only pay back partial of your total outstanding balance. You are advised to offer them a reasonable settlement amount or propose a lower interest rate to them.

By doing so, you are able to reduce some financial burden and make your debt more “affordable”. If you have no confidence to handle the debt issue on your own, you are advised to look for a reliable debt settlement company to assist you. The professional will be able to deal with your creditors on your behalf.

Alternative 3: Look for government approved credit card debt counseling agency

If your credit card debt is unbearable and the amount is too large for you to handle on your own, you may want to declare bankruptcy. Before you take such action, you are advised to look for government approved credit card debt counseling agency for help. The representative will advise and assist you to set up a plan which suits your situation. You are reminded not to file bankruptcy before consulting anyone.

Alternative 4: Work out your own payback plan with your personal stimulus package

If you don’t wish to affect your credit rating at all, I would strongly suggest you to create your own economic stimulus package to raise cash for your debt. Be a smart tax payer. Make use of your tax refund to pay partial of your debt. At the same time, sell off things that are valuable so that you can eliminate your debt first.

Besides, look for part time job to increase your monthly income. Take the initiative to work out a realistic budget and find as many ways as possible to raise cash to clear off your debt.

When you don’t own any fixed asset, don’t worry and don’t try to avoid yourself from your creditors. Even if you fall behind on payment, you still stand a very high chance to get rid of your credit card debt by choosing one of the alternatives stated above. Just one thing you need to bear in mind. You must evaluate your financial requirements first before making up your mind on the financial option.

Alternative No.1: Look for personal loan

When you can’t settle your outstanding balances through credit card debt elimination, you are required to pay your debt in full. In order to reduce your financial burden, you are suggested to apply for personal loan which charges you lower interest rate. In general, the interest rates for most of the credit cards are high.

If you can obtain personal loan which offers you lower interest rate, go ahead to obtain the loan to pay off your credit card debts first. If you are looking for zero interest loan, you can borrow from friends or family members.

Alternative No. 2: Consolidate all your unsecured debts

If you have multiple credit card debts, you are advised to LUMP all your outstanding balances and apply for one single loan. Get this financial assistance with lower interest rate. Clearing off your credit card debts and paying back one single loan will definitely make your debt more manageable.

Alternative No. 3: Raise additional fund on your own

If you are not qualified to obtain loan due to poor credit, you still stand high chance to raise cash. You are encouraged to look for part time job to increase your monthly income. If it is still not sufficient, you are advised to sell off some of your valuable assets such as car, house or jewelry to raise fund.

Alternative No. 4: “REVISE” your monthly budget carefully

Are you currently working? If yes, I am sure you have your monthly income to support your daily expenses. What you need to do is to cut down all the unnecessary monthly expenses and save more money to make minimum payment to your credit card accounts. If you have extra income, use it to pay off high interest credit card first. Follow the same procedure to clear your credit card debts one by one.

Last Alternative: Consider declaring bankruptcy

Filing bankruptcy is your last resort. Don’t consider this solution if the above mentioned methods can be applied. Before you take further action, you are reminded to find out whether you are a qualified candidate to become a bankruptcy. Not everyone in debt is allowed by the law to do so.

When your debt settlement proposal has been rejected, don’t be upset. It is not the end of the day. There are many other alternatives you can take to overcome your debt problems. The most important is NEVER EVER ignore your debt after your settlement offer has been rejected. Be determined and optimistic. Your future is still bright.

When you have accumulated a big sum of outstanding balances on your credit card statements, what you need to do is to call up your credit card providers to find out whether you are qualified for lower interest rates. Put in your effort to negotiate with your lenders to reduce the interest so that you don’t need to bear so much cost.

By having lower interest rate, you will be able to pay off your total debt faster. If your creditors do not allow you to enjoy lower interest rate, then you should change your plan. You are advised to set the priority to pay off your high interest credit cards first, followed by the lower interest rate cards.

Another alternative you may take is to transfer the balances of high interest cards to a low interest card. If you have no more credit limit to transfer your outstanding, you can then choose to obtain a debt consolidation loan. You are advised to consolidate all your credit card debts into one new loan with lower interest rate. Utilize the loan to clear off your credit card debt first. Then make monthly repayment to pay off the new loan.

Clearing all the credit card bills requires a series of action. You need to raise more funds so that you have more cash on hand to pay your bills. You can live debt free provided you are willing to watch out your spending. You must not swipe your credit cards whenever you like without considering your monthly budget.

You must stop creating new debt because if you keep increasing the outstanding balances on your card statements, you will NEVER become debt free. Furthermore, you stand high chance in spending 10 years time and above in just paying the interest only.

“Save, Save, Save”. Keep this in your mind. In order to get rid of your credit card debt at a faster pace, besides spending responsibly, you must also cut down unnecessary expenses. Lower your monthly bills on utilities, phone, transport, entertainment, etc. It is better for you to be thrifty when you are having financial hardship. With just little effort, you can cut corners and save some money monthly.

The more you save, the more you can pay off your outstanding balances. Don’t just aim to pay the monthly minimum payment. You must pay more than the minimum requirement so that you can eliminate your debt as soon as possible.

To sum up, reducing the financial burden needs commitment and strong self discipline. A successful credit card debt reduction plan comprises of many efforts stated above. If you want to regain your wealth within the short period, follow the ways which I have stated above

Do you know that you can actually lump all the outstanding balances on your credit statements and make them into one single debt? Let me share with you some practical steps:

Step 1: Analyze your financial ability

The very first thing you must do is to assess your current financial situation. You know your financial position most. I am sure you have multiple credit cards on hand. What you need to do is to compile all your latest credit card statements and list down the outstanding amounts as well as the interest rates one by one. By having all the details, you will be able to analyze your financial ability easier.

At the same time, by knowing all the interest rates, you are able to decide whether debt consolidation can really help you to save a lot of money.

Step 2: Search for suitable loan provider

Once you have got the total debt amount, you are recommended to look for banks, financial institutions or loan providers which offer low interest debt consolidation loan. You need to spend some time to contact them and see what kind of loan packages they can offer.

If you want to save time, you can search online. Shop around to look for the best deal available. The most important is the interest rate offered for debt consolidation loan must be much lower than the interest rates of your credit cards. You need to save as much money as you can from the difference of interest rates.

Step 3: Make the right selection

You are advised to make thorough comparison between different lenders before making your final decision. There are a few matters you need to bear in mind besides interest, such as term of repayment, the monthly repayment amount, penalty for early settlement, other facilities provided, etc. Make sure that you select the right package based on your REAL financial needs. Only obtain the loan amount according to your debt. Don’t apply for extra loan.

Step 4: Pay off your debt with new loan

Obtain the loan and pay off all your credit card debts. You are reminded to ask your new lender to deposit the fund into your saving account. After that, you are the one who is responsible to make the payment to your creditors. You are reminded not to let your lender to deal with your creditors directly. This is to protect your privacy.

An IMPORTANT REMINDER here, do not swipe your credit cards anymore after you have zero balance on your statements. If you still don’t control your spending habits, you will end up with more financial burden in the future. Having loan doesn’t mean that you become debt free instantly. You still need to pay the repayment monthly. Consolidating credit card debts is just to assist you to save some costs.

Last but not the least; if you don’t want to obtain additional loan to erase your current debts, you still have another alternative. Using the consolidation concept, you are advised to consolidate your credit card debts and transfer all the outstanding balances onto one credit card.

By doing so, you are actually transferring the balance of high interest credit cards to a card which offers low interest rate. If you always shop around, you can even find some lenders which offer zero interest rate for the first 12 month.