03/18/2024
Heyyy y'all.. This is your friendly reminder to PAY THEM PEOPLE!!!
I know this isn't typically a convo that you want to have.. especially on a Monday morning, BUT.. COME HERE...
Having high credit card utilization is the gateway to lower scores, late payments, decreased credit limits, closure of accounts and the worst of them all.. a future charge off.
How long do you plan to only pay the minimum payment? Chances are, you're barely paying any of the card's principle balance.
If you don't have a lump sum, see what options may be available such as:
* Asking your credit card company to "re-rate" your interest. This could result in a much lower interest rate which will help you pay it off faster.
* See if you have another credit card to transfer the balance to. Balance transfers usually have great incentives like 0-2% APR for 12-24 months, which helps you get a break on the interest and pay the account off. (Business credit is definitely the way to go if it's an option)
*Try the "Snowball Method"-start with your lowest credit card, cut it up to prevent new charges and work on paying it off within a certain time by making aggressive monthly payments. Once that account is paid, go to the next account.
*Consolidation Loan- Pay all cards off with a loan. This boost scores, lowers utilization and gives you ONE payment as opposed to several. You'll save money in interest.. but be careful not to rack up new credit card debt.
*Get a large tradeline to lower your overall utilization until you can pay your accounts down.
We have a ton of them so give us a call. 1(888)315-5513
Need a consultation? Book now: https://www.thatcreditchic.com/book-online