Does anyone have any special tactics they used to pay down credit card debt? I have been working online, aside from my full time job, for the last couple of years and the money I made helped out with the down payment of my new home. Now that I am done with that, I am going to use my online earnings to pay down my credit card debt instead of using the cash from our paychecks. What creative things have you done to pay down your debt?
There was a time that I was saddled with debt. Based on my computation, I was paying more for the interest. What I did was to sell some assets to pay off my debts and free myself from the onus of interest. Parting with assets is sad but it's a good solution to be free from debts.
Well, there are many ways of paying off a debt. It could be by cash, by transfer of funds from the bank, or what is common nowadays by paying it through PayPal or any money processor. Your plan is indeed very practical. You can go on with that plan of paying your credit debt through your online earnings. Just check it first if it is allowed or not.
Besides transferring my credit card balance to another credit card at a very low interest rate, I have started a small business which earns me some sort of passive income. I'm operating a utility vehicle business in which the driver pays me a fixed amount every day for the vehicle's use. The money I used to buy the second hand vehicle was the proceeds of the loan I took out and I'm using the earnings to pay it down. I'm also allocating a portion of the daily earnings to its maintenance so that becomes a savings, too, when not much is required for its upkeep. I'm doing some online gigs, too, when I have the time and the energy after office hours or during my travel to and from work. Without it, I would probably have tried things like selling packed ice to neighbors or selling bags/clothes/accessories/jewelries to officemates.
If you are also referring to credit cards issued by bank, sometimes the bank makes it easy for you to be able to pay back your credit in a very convenient way. This they do by deducting a very small amount relatively to what's on your card, say as small as 5%, from your personal account. You may chose to do the payment manually anyway.
