How to Repay Your Credit Card Debts without Closing Your Accounts

Credit cards are among the top reasons why so many people are in debt. The interest rates are high, which only make it worse for people to pay off their debts because most of their payments go towards finance charges and not the principle balance. There are ways you can get around repaying your credit cards and not having to close your accounts.

Difficulty: Moderate

Instructions

1. The first thing you need to do is to call the credit card companies and let them know you are willing to pay on your balance, but tell them you cannot afford the high interest rates because they are eating your money, and your balance is not getting paid.
   
   In most cases, they will lower the interest rate for you, reducing your monthly payment. They may continue to let you keep their card if you make the effort to pay on time each month.

2. The second thing to do is to stop spending on your credit cards. This will only dig you deeper into debt. The best thing to do is to put your credit cards away in a safe place and not spend on them no matter what happens. If you need money for an emergency, ask a family member to help you.

3. Consolidate
   
   This will be your last option to repay your debts. You can transfer all your balances with highest interest rates to your credit card account with lower interest fees.
   
   Stay away from paying someone to lower your debts because this will only add more issues in your finances like negative effects in your credit report.