Archive for the ‘Credit Card Debt’ Category

How to go about consolidating credit cards

Wednesday, September 19th, 2012

The times are certainly not good for this country’s economy. The rising credit card debts amongst the US citizens seem to have taken a huge toll on their daily life patterns. Credit card consolidation has come up as a good solution to the credit card debt issues. Aside from helping people get rid of their credit card debts faster, credit card consolidation makes sure you reach your financial goals without trouble. Credit card consolidation is a great way to deal with the hassles of multiple credit cards and the high interest rates that they come with. This lowers the monthly payments and helps you keep a control on your budgets.

Credit card consolidation can be done in different ways. Each of these ways comes with certain advantages and disadvantages. The following are some of the important ways of consolidating credit cards.

  • Consolidation loans – These loans help consolidate multiple credit card debts into nothing more than a single debt. The debt consolidation loans are secured loans and are generally backed by collaterals. There are several financial institutions that are known to offer debt consolidation loans. These include the loan companies, traditional banks and credit unions.
  • Balance transfer techniques – The credit card balance transfer technique is a great way to consolidate credit card debts. You start with buying a low interest credit card and take advantage of the zero-interest period that usually comes with them. Go ahead and transfer all of your existing credit card debts onto the zero-interest card. Make sure you’re treating the new debts as seriously as you used to treat your old debts. Pay them off before the zero-interest introductory offer lapses and save yourself a considerable amount of money.
  • Home Equity Line of Credit– The Home Equity Line of Credit (HELOC) helps people pay off their high interest credit card debts with the help of a line of credit. The rate is tied to the prime rate published in the Wall Street journal on a daily basis. The prime rate decides the charges on the banks for borrowing money. Be sure to make your monthly payments regularly if you’re using HELOC. You’re going to lose your home due to foreclosure if you default on your loan.
  • Debt Reduction – This involves following the Snowball Plan, where you start with the low interest credit cards and pay your credit card debts in full. You again momentum with time and will be free of debts sooner than your realize.

The aforesaid are some ways of consolidating credit cards. Not only will these help you get rid of your creditcard debts, but they will ensure you reach your financial goals without the slightest trouble as well.

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Tips On Credit Card Debt Relief

Sunday, February 1st, 2009

3 Tips for Credit Card Debt Relief

This article will give you 3 solid tips on helping you get relief from credit card debt.
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Today, if bankruptcy seems the only possible solution to your massive credit card debt amount, you could think about trying credit card debt relief.

Now days, the exorbitant rates of interest and inordinate late payment fees of certain credit card companies can push their customers to the very brink of frustration. And due to a lack of awareness about debt consolidation services, which can prove to be very helpful, being offered by a number of genuine companies, a majority of people are being pushed into filing for bankruptcy in desperation.

Although a very common phenomenon now days, bankruptcy can have a long-term effect on your credit ratings and standings, and it will require a lot of time and effort on your part to remove this black stain from your record. But you need not put yourself through all this trouble at all! You can find a solution to your financial problems by utilizing one of the many options available at debt consolidation companies.

debt consolidation loans

1: Browse the Net for an Authentic Company

The best way of finding a good credit card debt relief company is to browse the Internet for one. Searching online is extremely convenient as you don’t have to step out of the comfort of your home or office and you save a lot of time, money and energy in the process as well. And the best part is you even get better results.

All the prestigious debt relief companies have their own websites where you can check out their facility of a credit card debt calculator. Any good company’s website must have the feature of this calculator.

All you need to do is enter the basic details of your case (monthly income, gross monthly installment/ amount, etc.) wherever required and the calculator will show you the number of months that will be required for you to pay off your debt. If you have an idea of the interest offered by that company on the consolidation loan, you’ll even be able to find out the amount of money you could save.

2: Debt Counseling

You have to go through a counseling session with financial experts before you choose to go for any particular kind of credit card debt service. The experts will thoroughly examine your case and offer you expert advice on the best mode of getting credit card debt relief. You’ll see that the modest fee they might charge for such a service will be well worth it. There are also some companies which offer free counseling.

3: Methods of Debt Relief

The most popular methods of solving your financial worries and pending dues are loan consolidation, consumer credit counseling and debt settlement. Consolidation loans are generally secured in nature. That is, if you want to get a loan at advantageously low interest rates. There are a number of companies or sub prime lenders offering unsecured loans, but these usually carry high rates of interest.

However, it is better to use these loans rather than take no steps at all to curb your financial debt. For example, if you’re paying 20% interest on your credit card and you take a loan with 15% interest rate, even if it’s an unsecured loan, you get some relief from your overdue amount.

For best results and a successful financial life, use online credit card debt relief with the help of credit card debt services and escape the embarrassment of having to file for bankruptcy.

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Article written by Jessica Bradbury, she has a site dedicated to bottom line information on debt consolidation companies, including business debt consolidation loan.

By Jessica Bradbury
Published: 7/30/2008

Consolidation Loan: Pay Off Credit Card Debt Fast and Easily!
Credit card debt is one of the leading forms of debt in the country and plagues millions of households each month.

Reduce Your Debt With Debt Settlement or Debt Consolidation
Debt consolidation and debt restructuring with the help of consumer credit counseling.

End The Madness:Know The Common Debt Consolidation Terms
Debt reduction- if you already have a bad credit score, this may be an option for you. This is when a party helps you set away money in order to pay off creditors.

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How To Get Credit Card Debt Help

Saturday, January 31st, 2009

How To Get Out Of Credit Card Debt And Take Control Of Your Finances

If you are trying to learn how to get out of credit card debt then you are no different then millions of other people who find themselves in the same financial straights as you. Unfortunately the only way you can take back control of your finances is to deal with this debt head on. But if you stop and think about how much better things would be without that debt you will see why this needs all your attention.

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The first thing you will need to do is find out just how much credit card debt you actually have. If you are like most people facing this problem you have probably looked at your monthly statements as they come in and then tried to pay the minimum balance which isn’t making much of a dent in those balances.

Step one is to gather up all your most current statements for this month and make a quick credit card debt spreadsheet. It doesn’t need to be a fancy spreadsheet, just use a pencils and a piece of paper. On the left hand side of your paper write a column of all the names of the credit cards you have. In subsequent columns write down the balance owed for each, the monthly minimum payment, the monthly interest paid, and the interest rate being paid. Now add up the balance column, the minimum payment column, and the interest paid column and write down each number at the bottom. This will show you exactly how much you owe, how much you are sending out each month in payments, and how much you are paying these companies in interest.

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These totals may be scary to look at but it’s something that needs to be done if you are to ever get out of the financial mess these credit cards have caused. Think about what you could do with that money if it wasn’t just walking out your door every month. That interest you are paying could be interest being paid to you if it was being invested in some sort of saving or retirement account. It should make you mad and give you the motivation to do something about it.

The second step to paying off your high credit card balances is coming up with a plan that works. There is several ways to do this but if seeing quick results and staying motivated is on your list of wants then the “Debt Snowball” is the method for you.

The term “Debt Snowball” was first coined by Dave Ramsey and is a process by which you pay off your smallest debts first as you work your way up the ladder to your targets debts. To get started use your debt spreadsheet as a reference and on another piece of paper rearrange your debts listing them from the top (smallest) to the bottom (largest). While paying the minimums on all your other cards send whatever extra money your budget can allow to that smallest balance at the top of you list. Once that’s paid off roll that minimum payment and any extra money into the next smallest debt and keep working your way down the list. By the time you get to the bottom you should be able to throw a rather large chunk of money at that last debt and pay it off in short order.

The third step to becoming debt free is finding extra money to throw at those bills. You need to be in attack mode when it comes to your debts. Get a part time job delivering pizza or newspapers, have a garage sale and get rid of all that stuff that’s been collecting dust around your house, or sale that stuff on eBay. Do whatever it takes to bring in extra cash and watch that debt disappear that much faster. Look at your spreadsheet and picture what an extra $1,000 a month would do.

There is one last thing you have to do if you want to know how to get out of credit card debt; you have to stick with your plan. When you first start out it will take some time to get some momentum going. There will be setbacks that you will have to work through but if you keep your eye on that debt free prize your hard work and perseverance will pay off.
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By: Andrew Bicknell

Article Directory: http://www.articledashboard.com

For more detailed information about how to successfully deal with Credit Card Debt please visit the website Debt Reduction and Consolidation by Clicking Here.

Debt Information: Dealing With Debt
When someone is facing debt program to go with as there are often so many of them that they just can no longer maintain, it can be hard to pick which consumer debt relief.

Easy Tricks To Start Reducing Debt
There are some simple tricks you can use to help reduce the debt that you have that just about anyone can put into practice in their lives.

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How To Eliminate Credit Card Debt

Wednesday, January 28th, 2009

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and your bound to hear them reply ‘Pay off my credit cards.’ Ask them how they planned on reaching that goal and many of them will not have a clear cut answer.

The obvious first step to paying off credit card debt or paying down credit debt load is to cut back or eliminate the use of your credit cards. For some people this first step can often be the most difficult. If you’re used to spending freely with plastic and worrying about the consequences later, it’s difficult to break free from this ‘buy now, pay later’ attitude.

To gain control of their careless credit card spending habits, some people cut up their credit cards therefore making it impossible to use them. Others lock up their credit cards or hide them in a safe place and vow to use them only in an emergency.

The second step to paying down credit debt is to pay more than the minimum balance due. Most credit card companies require a minimum monthly payment of 2.5% of the outstanding balance. For example, if you have an outstanding balance of $1100.00 on a credit card charging an Annual Percentage Rate (APR) of 18.9% your minimum monthly payment would be $27.50. It will take you 66 months or 5.5 years to pay off your balance of $1100.00 making the minimum payments. The credit card company will make $676.94 in interest from your use of their credit card.

Monthly payments are purposely kept low by the credit card companies so that they can earn as much as possible from the interest rate charged to you the consumer. Paying just the minimum payment will keep you tangled in credit’s web for years and years to come.

If you’ve been paying only the minimum due month after month, ask yourself this question, ‘Do I have an extra $10.00 I could apply to this month’s payment?’ I’m sure that most of us could find some way to come up with an extra $10.00 for the month. Try cutting out a few cups of coffee or lunches at your nearby fast food outlets and in no time flat you’ll have saved up the extra money that you need.

Now, it’s time to unveil ‘The Simple $10.00 Debt Elimination Solution.’ Take that extra $10.00 and add it to the minimum monthly payment above, therefore making a payment of $37.50. By adding just that $10.00 a month to your minimum payment, you’ll trim 23 months or nearly two years off of that credit debt! On top of that you’ll save $277.00 in interest alone! That’s money you can put toward savings or paying off other debts. Imagine how much you’d be able to save if you applied this same simple strategy to each of your other credit card debts!

Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.

© 2004, www.yourfreecreditreportnow.com

About The Author

James H. Dimmitt. James is editor of “TO YOUR CREDIT”, a weekly free newsletter to help you manage your personal finances. Subscribe to the newsletter by visiting http://www.yourfreecreditreportnow.com. He is also author of ‘Identity Theft – How to Avoid Becoming the Next Victim!’ available at http://tinyurl.com/bc45
jimdim815@aol.com

Online-Debt-Consolidation And Debt Elimination Programs
People who have problems every month in making the minimal payments toward their home, vehicles, credit card payments, etc. should get help from a debt elimination program.

Use Credit Card Debt Elimination To Erase High Payments
High credit card interest rates and whopping fees can send you into financial stress all too fast. That is the reason why you may be searching for a credit card debt elimination program.

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Managing Credit Card Debt

Wednesday, January 28th, 2009

Managing credit card debt is not rocket science. It does however require you to know some basics in order to deal with the debt effectively. The last thing you want is to worsen the situation any further. So here are some do’s and don’ts to get you going on the road of credit card debt management.

The Do’s
– Do keep the communication channels open with the credit card companies. It will help keep you up to date on their actions to avoid any unpleasant surprises.

– Do continue to pay whatever you can. Your efforts in managing credit card debt can be a favoring factor when it comes to negotiation with the card companies.

– Do talk to someone about your repayment problem. Two heads are better than one after all. And talking usually helps to relieve your stress.

– Do take up an extra job if you can. You will have another stream of income to pay the debt. Plus, you will have less time and energy to splurge on your credit cards.

– Do cut down on expenses. Identify luxurious lifestyle expenditures like fancy dining thrice a week and cut it down to once for instance. Think twice to curb those impulse purchases too.

– Do consider selling your assets to raise fund. It’s one way to quickly pay down your credit card debt when it is pretty large.

The Don’ts
– Don’t ask credit card companies to waive interest charges. Offer to pay a lump sum and get a discount on the interest instead.

– Don’t use credit facilities any more. At least for now. Using cash solely will help to curb your spending habits as well.

– Don’t forget that the credit card companies have the upper hand. Keep in mind that you may need professional assistance with the resources to deal with the matter when managing credit card debt.

By: Troy Todd

Article Directory: http://www.articledashboard.com

How You Can Reduce Credit Card Interest Cost
Consolidate your debt from higher interest cards-like department store cards to a lower interest credit card and make payments on time.

Dealing With Credit Card Debt Repair
The best way to prevent credit card debt is to be cautious when using your credit card.

Advice On Managing Your Credit Card Debt
How to Improve Credit Scores By Managing Debt. The most important first step is to always pay your monthly credit card statements on time.

The worst thing to do when facing with a soaring credit card debt balance is to do nothing. Take the initiative to learn more about managing credit card debt. Credit card debt help abounds. You can start by looking at GetCreditCardDebtHelp.com first.

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Sunday, January 25th, 2009

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Sunday, January 25th, 2009

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Sunday, January 25th, 2009

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