Credit card debt

Using my credit card became an habit and I'm currently 16,000 in debt. My question is do I A. Get a loan to pay it off or B. Save and pay it off. I ran the numbers and I could pay it off in about 8-9 months

2 Answers

Along with the options stated above, you can take professional help to repay your debts. Or, saving the amount and paying back dues is the best strategy.

You can take out a consolidation loan. But, make sure you make the payment of the new loan, otherwise, it can take a toll on your finance further.

What is your monthly income. If it is a decent amount, then I would suggest for repay the debt by your own.

Talk to your creditor to get a suitable repayment term. Craft a budget and eliminate every unnecessary expense. Make payment as much as possible.

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