Even you are not good at account or finance, it is still possible for you to write off your credit card debt on your own by following the suggested steps as follow:

Firstly, when you have credit card debt in your monthly statement, plan to pay more than the minimum amount as required every month in your credit card statement. The minimum payment is usually 2% to 3% of your outstanding balance. What you need to do is try to find extra money monthly and increase your debt repayment in order for you to write off your credit card debt in a short period. You may need to save more and work harder to earn extra money in a month.

Secondly, you may try to proceed with credit transfer. Transfer a higher interest bill from one bank to another bank which offer lower interest rate or zero interest credit transfer facilities. Since there are many banks offering these facilities, fully utilize them to save more in new interest rate with the new repayment plan. It will slowly reduce your outstanding debt balance. But what you need to watch out is control yourself from keep utilizing the credit limit. The more credit you utilize, the more burden you have.

Thirdly, if you have savings or fixed deposits, cash out the savings first to pay off the credit card debt. Don’t wait anymore! When you have savings or fixed deposits on hand, the interest you gain is very much lesser compared with the interests you need to pay for credit card. So why do you need to keep the savings and not paying your debt?

It is the same principle if you have investments in unit trust and share market. If you have invested in unit trust and shares, try to sell it off first and get the cash. Pay your credit card debt and make yourself “Debt Free” first. You can have more savings in future once you have written off your credit card debt.

The other solution will be borrowing from family members and friends. Since you are paying high interest rate, why don’t you get friendly loan and pay lesser interest to someone you know? You may borrow money from your family members or friends who trust you. To be fair for both parties, establish an agreeable interest rate and repayment schedule in writing to avoid misunderstanding and argument in future.

The next solution could be refinancing. If you possess a house, refinance your property to get out the cash to pay the credit card debt first. Then restart your home loan again by installment.

Lastly, make the effort of renegotiating terms with your banks or credit card companies. Let your creditors know your current situation and renegotiate the terms with them. You may appeal to them by asking for a new and flexible repayment schedule and requesting for a lower interest rate.

Writing debt on your own is possible and you don’t need a financial consultant to help you. What you need is a proper financial planning on your own and watch out your daily expenses. An important reminder here is never look for “Loan Shark” for financial assistance!