Finding Relief from Credit Card Debt
This is how it usually happens. One day you wake up
to the realization that credit card debt is overwhelming your financial
situation. It seems that every last dollar you make goes to the monthly
minimum payments with little left over for life's needs. Getting relief
from the burden of out of control credit card balances is something
everyone who is struggling financially wants to do but many people are
unsure of where to start.
The most obvious starting point is to quit using the nasty things. Every
time you swipe one through the card reader you just add to a growing
problem that is compounded because of the interest that is calculated
each month. For every step forward you seem to fall to two steps back
and the stress of meeting those payments each months becomes harder and
harder. So perform a little plastic surgery, cut the things up, and stop
the financial bleeding.
The next step is to figure out exactly how much you owe and to whom.
Pull out a piece of paper, a pencil, and your latest credit card
statements and write down in columns for each card the balance owed, the
interest rate and the amount of interest paid each month. Once you have
a clear picture of the balances owed you can prioritize your credit card
debt and start working a plan with debt freedom being the goal.
When it comes to making a game plan to pay down your credit card debt
there are two trains of thought on the best way to do this. Some people
advocate choosing the card with the highest interest rate and send any
extra money you have to it each month while paying the minimum on all
your other debts. When that one is paid off then you roll that payment
into the next one and so on and so forth until all the card balances are
paid off.
The second way to approach paying down your debt is to list your
balances from lowest to highest and attack the one with the lowest
balance first. This may not make sense from a mathematical perspective
but it can give you a huge motivational boost because chances are you
can pay that one of rather quickly. Using the same strategies as in the
paragraph above roll that payment into the next lowest balance and
continue on down the list. This method gives you a certain amount of
psychological satisfaction because those smallest balances go away
quickly and by the time you get into the meat of your debt your
motivation is steamrolling you through those balances.
Whichever approach you take to finding relief from credit card debt once
you successfully pay off all your balances you will find a new financial
freedom that gives you many more options with your life. And once those
cards are paid off cancel the accounts so you are never tempted to
repeat your mistakes of the past. |
| Why Reducing Credit Card Debt Now Is So Important - HULIQ Fri, 03 Jul 2009 12:48:41 GMT Channel 4 NewsWhy Reducing Credit Card Debt Now Is So ImportantHULIQHowever, while that is an effective strategy for many, it is not the only credit card debt reduction or elimination option to choose from. ...Credit card companies raising interest rates and fees, cutting ...Examiner.comEliminate Credit Card Debt - Reduce Debt Without BankruptcyPressemeldungen.at (Pressemitteilung)Card providers warn crackdown will make credit more expensiveCitywire.co.ukall 275 news articles »
| | | FTC sues Tacoma 'debt reduction' company - Bizjournals.com Wed, 01 Jul 2009 17:26:23 GMT KOMO NewsFTC sues Tacoma 'debt reduction' companyBizjournals.comMutual Savings used “robocalls” and the internet to push its debt reduction program, the FTC said. On Wednesday, the FTC also filed seven other similar ...TACOMA: Federal court shuts down telemarketing companyTheNewsTribune.comall 6 news articles »
| | | Don't fall prey to predatory debt-relief help - KOMO News Tue, 30 Jun 2009 00:45:09 GMT Pressemeldungen.at (Pressemitteilung)Don't fall prey to predatory debt-relief helpKOMO NewsBe wary of debt settlement companies which falsely promise to obtain substantial lump sum debt reduction settlements. Many advertise "reduce debt now," and ...Credit Card Debt Consolidation: The Process ExplainedNuridoDebt Relief: A Good Solution For Personal DebtHULIQDebt Consoldiation: The Benefits of Consolidating DebtPressemeldungen.at (Pressemitteilung)all 69 news articles »
| | | Investors Will Help Determine the Next Inflation - New York Times Wed, 01 Jul 2009 11:01:45 GMT New York TimesInvestors Will Help Determine the Next InflationNew York TimesDuring both episodes, investors had a sudden reduction in their willingness to hold private sector debt and equity and to purchase goods, ...and more »
| | | Feds crackdown on money making scams - Examiner.com Thu, 02 Jul 2009 01:07:19 GMT WNCTFeds crackdown on money making scamsExaminer.comMutual Consolidated Savings, its affiliates, and principals used telemarketing robocalls and the Internet to push a phony “Rapid Debt Reduction” program to ...Operation Short Change, Scammer CrackdownWGBA-TVBad economy brings out scammers, crackdownThe Associated PressFederal Trade Commission cracks down on get-rich-quick huckstersSt. Louis Post-DispatchCourthouse News Service -The Plain Dealer - cleveland.com -Examiner.comall 414 news articles »
| | | Constellation Brands F1Q10 (Qtr End 05/31/09) Earnings Call Transcript - Seeking Alpha Wed, 01 Jul 2009 20:23:53 GMT Constellation Brands F1Q10 (Qtr End 05/31/09) Earnings Call TranscriptSeeking AlphaThis decrease was driven by our significant debt reduction over the past 15 months and a decrease in our average interest rate for the quarter, ...and more »
| | | Florida AG reaches settlement with Financial Freedom Resources - Bizjournals.com Wed, 01 Jul 2009 18:28:12 GMT Florida AG reaches settlement with Financial Freedom ResourcesBizjournals.comFinancial Freedom Resources telemarketed purported debt reduction services, a release said. Details of the settlement were not immediately available. ...McCollum Announces Florida joins FTC, Other States in Effort ...WCTVall 4 news articles »
| | | Running on Empty - CounterPunch Fri, 03 Jul 2009 14:36:53 GMT Running on EmptyCounterPunchThis fundamental change in consumer behavior points to less economic activity, more inventory reduction, additional layoffs, and smaller corporate profits. ...and more »
| | | Cut a Credit-Card Debt Deal for Yourself - TheStreet.com Wed, 17 Jun 2009 16:25:13 GMT Cut a Credit-Card Debt Deal for YourselfTheStreet.comCredit card default rates hit highs in May, proving that the consumer is under severe stress, but also pushing institutions to retire more credit card debt ...Debt Settlement Company Offers Consumers Advice on Credit Card DebtPR NewsChannel (press release)Credit Card Debt Consolidation: 5 Top Reasons For Credit Card ...Nuridoall 160 news articles »
| | | Stock rally stymied by falling consumer confidence - Examiner.com Tue, 30 Jun 2009 15:01:36 GMT Examiner.comStock rally stymied by falling consumer confidenceExaminer.comGiven the uncertainty in the current month, consumers are more likely to remain hunkered down, focusing on debt reduction and savings rather than looking at ...and more »
| |
|
|
|
