To begin the process of paying off your credit card debt, make a list of all your credit cards and accounts in which you make monthly payments. Total the amount you owe. If the amount is high - don't panic. You need to have a realistic picture of your debt. On your list, write the name of the creditor, current balance, current minimum payment, interest rate and credit limit. If you are not making payments on the account, leave it blank.
Stop charging on your credit cards and do not run up any new debt. If you are someone who is often tempted to use your credit cards, put the cards in a safe place that is not easily accessible ? even if it means freezing your credit cards in a block of ice! Use cash on any future purchases you make. You will be surprised how your spending will stop when you are using only cash.
If your major credit cards are not delinquent or maxed out, move your high interest credit card balances to your credit cards with a low interest rate. Cut up the credit card you have transferred and mail it to the credit card company with instructions to close your account. Add the payment you were making on the card with the higher interest rate to the payment you would make on the credit card with the lower interest rate. Your balance will come down rapidly and you will save money on interest charges.
Make extra payments on your credit cards. By making only a minimum payment, it can take years to pay off the entire balance. For example, a balance of $2,000.00 with no new charges will take over 16 years to pay back with interest of $2,504.62. An extra $5.00 per month will reduce the payoff period by 6 years and save interest of $738.59. An extra $10.00 per month will reduce the payoff period by 8.5 years and save interest of $1,113.70.
As each of the balances are paid off, use the payment you were making on the credit card and add it to another payment. This will reduce your debt quickly. Once you have paid off your debt, use the money to start saving for your future.
One day I decided to try and find an easy way to manage and control my credit card debt. Unfortunately, I didn't find much helpful online or at my local library.
At some point though I stumbled upon an E-Book called "Credit Secrets Bible". After reading about all the information available in this book I decided to buy it.
So, one by one, I followed the steps listed in this book. Slowly, but surely, my debt began to disappear.
Shortly there after I had lower most of my high interest rate credit cards. My other cards were paid off for the most part.
Believe me it wasn't easy, but just following most of the methods provided in this E-Book allowed me to get control over my credit card debt. If I had actually followed every step, I think I could have had most, if not all, of my credit card debt eliminated.
Even today I have a copy close at hand so I can work on paying off my credit card debt. Most of the other E-Books don't compare.
If you worry or stress out about your ever growing credit card debt then I urge you to examine the "Credit Secrets Bible" to see what it has to offer. It helped me get control over my credit card debt, and I feel it could help you as well.
Both Deborah Mcnaughton & Steven Huldschinsky are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Deborah Mcnaughton has sinced written about articles on various topics from Debts Loans, Mortgage and Anti Oxidant. Deborah McNaughton is an author and credit expert. She is founder of Financial Victory Institute, which specializes in financial education. Deborah has programs to train individuals to become credit consultants and teach financial seminars. Visit. Deborah Mcnaughton's top article generates over 33100 views. to your Favourites.
Steven Huldschinsky has sinced written about articles on various topics from Credit Cards. Discover more about how the Credit Secrets Bible can help you eliminate , and the knowledge they provide about. Steven Huldschinsky's top article generates over 590 views. to your Favourites.