Credit card debt can be a debilitating problem, one that can ruin your credit score and make it difficult to get approved for loans. Paying for your debts can also be a time consuming expense, and pursuing a traditional sale of your assets to get by may not be enough. All the stress can take its toll, and as cash buyers, we know all too well how debt can get to you.
If you’re struggling with credit card debt, there are a few things you can do to manage the situation.
How to Pay for Credit Card Debt
1. Make a Budget
This may seem obvious, but it’s important to know exactly where your money is going each month. Track all of your expenses for at least a month so you can see where you can cut back.
Traditional bank financing tells us that as long as we have a little saved, we should be good. To pay your credit card debt fast, just having bare minimum savings may not be enough.
2. Figure Out a System
When paying back your debts, there are two main types of payment methods you can try: the avalanche method or the snowball method.
Types of payment methods
With the avalanche method, you focus on paying off your debts with the highest interest rates first. This sequence allows you to save money on interest payments and get out of debt more quickly. To get started, simply list your debts from highest interest rate to lowest.
Then, make the minimum payments on all of your debts except for the one with the highest rate. Focus on paying off that debt as quickly as possible. Once it’s paid off, you can move on to the next debt on your list. With the avalanche method, you can pay off your debts in a systematic and efficient way, saving money in the process.
The snowball method, on the other hand, is a debt repayment strategy where you pay off your debts from smallest to largest, regardless of interest rate. Once you pay off the small debt, you roll the money you were using to make that payment into paying off the next smallest debt, and so on. The idea is that as you knock out debts, you’ll gain momentum and be more motivated to keep going.
3. Sell Your Home in Lexington, KY
Need to sell assets to pay back debt? Reliable Lexington homebuyers are always looking to buy houses when the property address is just right, even for a fair cash price. If you’re struggling to pay back credit card debt, one way to pay your debt fast is to sell your Lexington home.
This can be a difficult decision to make, but it may be the best option for your financial situation. If you approach the right real estate investors with a fair offer, you might just ease up on your debt as the closing date nears. With the proceeds from the sale of your home, you can pay off your credit card debt and start fresh with a clean slate.
When selling your Lexington house, you can either opt to sell it through an agent or to a cash home buyer to sell your house fast in Lexington.
Real estate agent or cash buyer?
Thinking your vacant house could ease up debt? Selling to a real estate agent takes a lot of weight off your shoulders. Helping homeowners navigate the Lexington housing market with ease is their primary M.O., and the best local real estate agent for you will know how to get there fast. Your agent will be in charge of marketing and advertising your home, as well as dealing with potential buyers. Leave it up to them to make your property address look like a prime spot for property owners!
They’re masters at finding traditional buyers who can pay closing costs with ease, and this just might be what your Lexington property needs. Unlike selling alone, no need to struggle to find reliable local Lexington home buyers when you sell your house with an agent. Although convenient, this method will take away a significant chunk of your sales proceeds via agent’s fees, closing costs notwithstanding.
Benefits of a cash home buyer in Lexington, KY
If you want to sell your house fast, an option you can consider is to sell your home to a professional cash home buyer. Cash home buyers are willing to purchase your house fast for cash in any condition or situation, including debt or foreclosure. No inspection period needed, and no need to disclose too much property information either.
When you sell to a cash home buyer, you can get a fair cash offer in as little as 72 hours, giving you the money you need to pay off your credit card debt. Your unwanted house can even be left unchanged, and you can still sell your house with ease. If there are any sales proceeds left over after paying off your loan, according to Kentucky foreclosure laws, you have the right to keep them. A cash offer does not need much paperwork to pull through.
NEED TO LEARN MORE?
Ready for your fair cash offer? If you live in Lexington, Kentucky, and are interested in selling your home, we can help here at Rylo Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. We are cash home buyers in Lexington, KY, and will act as your personal guide during your home selling process.
Sell your house fast with Rylo Homes
Our goal at Rylo Homes is to improve the overall quality of housing for the residents of Lexington, KY. We buy houses in Lexington, KY in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. We’re all about getting you that cash quickly, with an honest price sans the lengthy process and need to stage an open house. Fast cash for a fair price is what we’re all about! Selling unwanted property, vacant houses, or even burdensome houses is no longer an issue when you’ve got a Rylo Homes cash offer.
Reliable home buyers are just around the corner. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 513-4430 today or fill out the fast response form on our website. You can even buy Lexington houses to invest in by browsing our catalogue. Get your no-obligation cash offer from us today!