| By :
Molly Wider
The Christmas holidays may seem like a distant memory yet the stark reminder of overspending is not fading away anytime soon. You may have thought this was something you could manage on your own, but now that the new year is well under way the anxiety of not getting credit card balances lower than the credit limit is reality. Debt load is something thousands of people are living with and it causes an insurmountable amount of grief, anxiety and stress. Paying the bills can be trying enough but add in those credit card payments and life can take you places you'd rather not visit. According to TransUnion and Equifax, the two most recognized credit bureaus, paying more than the monthly minimum as much as possible is really important. In addition to this, they state that keeping your balance lower than 75% of your credit limit is essential in keeping your credit rating in good standing. This may sound good in theory, but for so many of us, reality dictates otherwise. All is not doom and gloom. There is no magic wand to take away debt, and relying on the hopes of winning a lottery doesn't pay the bills. First things first, take responsibility. Even if you can't manage paying the monthly minimum, pay what you can and call the credit card company to let them know it's the best you can do. Most credit card companies are not ogres; they fully understand that hard times fall on everyone from time-to-time and as long as you keep the lines of communication open, they'll respect you for that. Next, check out all your options. Before you can do that, you need to add up what your monthly debts are and what your monthly income is. Once that step is done, check with your bank or a financial adviser to see what options are available to you. Many people are not able to obtain a bank loan and end up feeling lost. There are more options to you. There are loan options out there for everyone. Regardless of your credit score, there are companies able and willing to help you restore financial order in your life. "Car title loans" are one of those options. These loans are set up specifically for those who have credit that a bank may view as less-than-desirable. A car title loan is secured based on the value of the borrower's vehicle. These loans are facilitated much faster and are by far easier to obtain than standard loans. For those with bad credit, a car title loan may be a good option to consolidate debt and bring down those multiple monthly credit card bills to one easier to manage monthly payment.
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