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Buying property with a Bad credit record
When I first moved up to Johannesburg and my career was just starting to flourish many years ago, I heard of and spoke to a number of people in a relatively short period of time with above average salaries who had lost everything and had to start...
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No matter what your credit history is the simple fact is that at some point in your life you will need a loan. If you have a few black marks on your credit report and you are feeling that your bad credit will not enable you to qualify for loans,...
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What's The Best Credit Card For Me?
So, you have decided you need a credit card. However, you must
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Wouldn't You Like to Know Your Credit Score?
If you don't know what your credit score is, it is high time that you learn! This lone number is the biggest determination for lenders to decide whether you are or are not credit worthy. Not only do credit card companies use it to determine whether...
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Credit Card Debt Reduction - 3 Tips To Lowering Credit Card Debt
Credit card debt can be reduced through lower rates or
negotiating for reduced balances. With reduced interest, you can
pay off the principal quicker with the same monthly payment. The
other approach is debt settlement, which eliminates part of your
debt at the cost of your credit score.
1. Transfer Balances
Credit card companies are always offering introductory deals,
such as 0% on transfers. Usually such offers last for several
months, giving you the chance to make sizeable payments on your
principal.
If you have several credit cards, choose to transfer the account
with the smallest amount. Pay off that account, then take that
card's monthly payment and apply it to your next lowest balance.
Soon you will be creating a snowball affect, swiftly lowering
your debt. Make sure to close paid off accounts to raise your
credit score and keep from adding to your debt.
2. Negotiate Lower Rates
Credit card companies are also willing to lower rates. You can
try to do this on your own, but you will have more success with
a debt management company. For a monthly fee, they will lower
rates with credit card companies and handle your monthly
payments.
Debt management
plans can affect your credit temporarily if your
creditors report delayed or reduced payments. This might prevent
you from opening new accounts for a year or more. However, with
such plans you can be out of short term debt in less than five
years with a much better credit score.
3. Settle For Reduction In Debt
Debt negotiation is the most drastic step to lower your credit
card debt since it has long term affects on your credit. A debt
negotiation company can settle some of your debt with creditors.
Lenders will then report the reduced amount to the credit
reporting agencies, which will keep it on your record for seven
years. Debt negotiation is similar to bankruptcy and can prevent
you from qualifying for conventional credit for a couple of
years.
Reducing your credit card debt will have long term benefits for
you. Less credit means better rates when you do want to apply
for financing, especially with a home or car purchase. No matter
which option you choose, research companies carefully and
compare their services and fees.
About the author:
View our recommended companies for Credit
Card Debt Help.
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