Eliminate Your Credit Card Debt Forever

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Pay off credit card debt
If you are determined to pay credit card debt off you are making the best financial decision of your life. The reason credit card debt is so bad is because it carries such a high interest rate. The quickest way to take back control of your finances is to pay credit card debt down or get rid of it completely. Here are the best and quickest ways for total credit card debt elimination. ... Read debt consolidation article



Debt and Bankruptcy - Credit card payments almost doubled
As we move closer and closer to the final implementation of the Bankruptcy Reform Act, many US citizens are making a mad dash to their local attorney's office. Rightfully so, as the Bankruptcy Reform Act will institute many changes that will ultimately make the declaration of bankruptcy a much more difficult task. But as you ponder the notion of a flood of bankruptcy filings, also realize that man... Read debt consolidation article



Eliminate Your Credit Card Debt Forever
In recent years, the amount of credit card debt being carried by Americans has reached hundreds of billions of dollars, with interest payments each year that would sink the economies of many small nations. But you can eliminate your credit card debt forever, even if everyone around is stuck in an endless cycle of debt slavery. How? Read on, dear internet friend.

STEP 1: CONSOLIDATE YOUR DEBT.If you have any more than one credit card with a debt due to be repaid, then you're a candidate for credit card debt consolidation. The ''minimum monthly' payment each month includes many variable, including the interest rate, the minimum monthly base (usually around $25 per month of a few percent of the debt, whatever is higher), and any ''fees' you've been charged through the month for things such as using an ATM, writing a check on your card, or, if you deal with companies like MBNA, breathing. To consolidate that debt, simply go to your bank and ask them about a debt consolidation loan. The interest rate will be far lower than the 9% to 29% that credit card companies can charge, and the repayment schedule will be far clearer of the hidden extras (such as insurance) that credit card sharks will hit you with.

STEP 2: CLEAN UP YOUR CREDIT HISTORY.Some people, many of us in fact, will let the occasional credit card payment slip by late, or even miss it all together, if things are a little tight each month. The problem with that is that it sits on your credit card report for the next seven years whenever you do that. So part of eliminating your credit card debt is to ensure that your credit score is clean and healthy. Some people will borrow a small amount from a bank and set up their account to automatically repay it each month, which will cost you not a lot in interest, but will make your credit report look much better in twelve months time. Others will just get ruthless with their repayments - pay a little bit extra than the minimum, pay it on time every time, and call the credit card company and ask them to REDUCE their spending limit whenever the debt goes down by a thousand dollars. The card companies don't particularly like doing that, but they will, and it will help you get a better record when you're not tempted to respend.

STEP 3: IF YOU MUST MISS A PAYMENT - TELL THEM.Contrary to what you might think, missing a payment is not considered nearly as bad by a credit card organization if you just call them and let them know you're running a bit tight this month. Most companies just want to know you're not stiffing them, so will gladly waive a late payment fee, or even allow you to schedule part payments, just as long as you're dealing with them in good faith. And part of eliminating your credit card debt is to deal with these people in the best faith possible.

STEP 4: START USING CASH.It really isn't that hard to use cash. Sure, you end up carrying money that you probably feel uncomfortable carting around, but is carting around a credit card with a $5,000 limit really that much safer?

STEP 5: REPAY AS YOU SPEND.It's not something that is advertised by credit card companies, but most of the time you only pay interest on what you owe when the company prints off your monthly statement. That means, if you spent $100 on the 1st of the month and put it on your Visa or Mastercard, and you paid that $100 back with a check to the card company on the 10th, and they send out your statement on the 20th - you have no debt, and thus, no interest. For those wanting to eliminate credit card debt, this is an incredible opportunity to get the convenience of a credit card, without paying any interest AT ALL. In fact, if you're prompt with your payments, don't spend on big ticket items that will take months to pay off, and you keep your balance down to next to nothing, you can save literally thousands of dollars every year. Remember - repay before statement day. It's the best way to eliminate credit card debt before it even happens.

Christopher M. Luck has an extensive background in dealing exclusively with the top credit card agencies and is now offering his free professional debt secrets to the public. If you are at all interested in Christopher's professional credit card debt advice, tips, or secrets, you can visit his finance blog.

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How to stee the credit card game in your favor

Credit cards are fast becoming a blight on the American economy, but they also help stimulate growth. The problem comes when users are forced to (or voluntarily) overspend and begin the never ending cycle of paying less than the full balance on the credit card. At this point you officially have credit card debt.

When we got married we had over $34,000 in outstanding debts, much of it on credit cards. After sitting down to have a good cry I got things into perspective. With a solid plan and the determination to stick with it, we could have those debts completely paid off within a couple of years.

The time it takes to clear those debts depends on your income and ability to trim other expenses in order to funnel as much money as possible toward those debts. It does NOT mean that you will have no life and no fun. You will have to make tough choices so your life should be different, but you can always make it fun.

There are several ways to play the credit card game and win. You can consolidate your balances into a lower interest loan, you could refinance your mortgage and roll those debts into your home loan, or you could play the game of transferring higher interest balances to low or zero interest credit cards. I chose the latter option, you will need to consider which option is best for you based on your own credit rating, your ability to secure low interest loans, your ability to repay and most importantly, your level of discipline.

If you have no discipline when it comes to money, then the process of transferring balances could be hard for you, as it requires you to pay attention to when your zero interest credit card offer expires and move that balance to the next card at the right time. If this is too time consuming for you, then you'll definitely want to look into refinancing your mortgage or getting a consolidation loan to cover all your credit cards.

I love numbers, I love math, and playing with money like this is a game for me not a chore. So transferring balances to new credit cards every few months was fun. Watching those balances shrink as I paid ZERO interest the entire time was a thrill. I felt victorious over the credit card companies and over my debt. As a result we paid off over $34,000 in debts in about 18 months. When you're not paying any interest and you don't stray from the plan it can work. It really can. You don't have to love the game in order to win it. You just have to keep playing and don't lose sight of the goal. Pay off the debt.

If you are interested in learning how to play the balance transfer credit card game and WIN it, visit Win the Credit Card Game at the Free Debt Relief Help site.


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Eliminate Your Credit Card Debt Forever
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