Among the people stuck in a debt trap, how many of you would like to pay off your debt as soon as possible? If you wish to accomplish this goal, you must constantly remind yourself to free yourself from the debt burden.If you are experiencing continuous bills, it can negatively impact your daily life, your mental health, and even your career. Global can assist you in settling your creditors and removing your debt burden permanently.Furthermore, debt burden also negatively impacts your credit score due to the fact that no matter how hard you try, you fail to follow through with the plan to pay off the debt. This makes it harder to escape the debt burden permanently.
In what ways can Credit Card Debt negatively affect your financial standing?
Since it’s a revolving credit card debt, you can carry a balance from month to month up to the credit limit. Often, credit card interest is high and if you’re unable to make minimum payments each month, the balance keeps on increasing. During that period, you’ll also end up paying spiralling monthly interest which can scale up to 48% per year.
The balance of your credit cards can also negatively affect your credit score. When your credit card balance increases, your credit score decreases.
How to get out of Debt?
We will help you get out of Debt? At Global, you will discover how to manage your debt and how to get out of debt. Our professional qualified consultants will provide you with tailored advice and assistance.We will assess your financial position and identify areas where you may be able to make a significant impact to get out of debt.
Through our counseling, you will learn how to get out of debt and rebuild your credit score. As a result, you will be able to begin managing your money the right way and will be in a position to develop wealth for yourself through prudent financial planning.
Alternatively, we can represent you in your discussions!
Are you having trouble explaining to your bank or financial institution how you plan to pay off your debt? We are here to assist. We will speak on your behalf with the bank or financial institution and make sure they are aware of your debt payoff strategy.
Here are some strategies we have adopted
Our recommendation for creating a debt payoff plan is to use a debt avalanche method. This method allows you to pay less interest so you will see higher interest rates disappear first.
Debt snowball is another great way to pay off debt, as it allows you to pay off accounts in order of smallest to largest balance.You will receive loan consolidation assistance from our expert consultants by using debt avalanche and debt snowball, alongside multiple other debt relief strategies that are tailored to the needs of each client after thorough reviews.