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All about Credit Card debt
By: CCN.com
If you have been wondering what is this 'Credit Card debt' that
everyone seems to be talking about, its time you knew what it
actually is (even if you are not in credit card debt yet). Well,
you might be getting into a debt trap yourself and the earlier
to know about it, the better it is.
'Credit card debt' is simply the amount you owe to the credit
card company. If you hold a number of credit cards and run a
debt in all or most of them then you are already in the middle
of what we call as 'debt trap' and it calls for immediate
attention. Some people just keep getting new credit cards and
keep shifting the debt to the new ones until they reach the
limit on that credit card too and then they go for yet another
one. This is how the debt trap works. You keep hoping that the
things will improve and you just keep getting deeper into debt.
So what's the way out?
Once you start exhausting your monthly credit limits and start
missing your payments, you start earning a bad credit rating
with the credit bureaus. A bad rating is not only going to
prevent you from getting new credit cards but will also act as
an obstacle when it comes to car loans, home mortgages or any
other loans. So how do you handle this situation?
First of all you need to understand that there is no magic wand
which can help you wipe out your debt. If it has to happen it
has to happen only through your own efforts. So once you know
that you are in a debt trap and decide to get out of it, you
need to sit tight, analyze and
prepare a list of actions you
need to take. Here are the 3 basic steps for debt reduction:
Gather all your debt information in a document form (could be a
spreadsheet). This should include details like What is the
amount you owe Whom do you owe it to What is the APR you are
paying on this. How frequently do you use that card Any other
details which you feel are useful Once you have these details
for all your credit cards. Do a total to arrive at the total
amount you owe.
Check the following: How much cash you have in your bank account
You income Your expenditures With this information ready,
analyze how much of debt you can repay on a monthly basis. You
might consider cutting down on your expenses or looking for
alternative source of incomes to aid you in reducing your debt
quickly.
Prepare your strategy. This may include the following: Which
debt to pay off first (based on the APR rates) Switch to a lower
APR card Consolidate debt Seek advice from a financial advisor
Declare bankruptcy Just follow these 3 steps and you will have
the blue print of debt reduction ready.
About the author:
About the Author
Rudy Hadisentosa: CCN.com is a free online credit cards review and
application website. We offer credit cards selection from
visa,master cards, discover, american express and many others.
We have quite some categories and hundreds of credit cards
selection to fit your need. Apply
for a credit card at CCN.com.
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Advertisements Promising Debt Relief May Be Offering Bankruptcy |
Cautions consumers about ads in newspaper, magazine and telephone directories that offer quick fixes for debt problems. |
www.ftc.gov |
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Welcome to Debt Relief International |
Welcome to the web site of Debt Relief International. |
www.dri.org.uk |
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Debt relief steps, your free guide to debt help. |
Articles on debt relief, and credit management and repair. |
www.debtsteps.com |
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Factsheet - Debt Relief Under the Heavily Indebted Poor Countries ... |
The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and ... |
www.imf.org |
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Special report: debt relief | Special reports | Guardian Unlimited |
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Debt Relief Options - Findlaw for the Public - |
Welcome to Debt Relief Options. This section contains information about the ... To begin, select one of the Debt Relief Options topics from the list below ... |
bankruptcy.findlaw.com |
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William Brewer |
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www.debtrelief.com |
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www.incharge.org |
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Economic Policy and Debt |
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www.worldbank.org |
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Economic Policy and Debt - The Enhanced HIPC Initiative |
The Initiative’s debt-burden thresholds were adjusted downward, which enabled a broader group of countries to qualify for larger volumes of debt relief. ... |
www.worldbank.org |
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Debt relief - Wikipedia, the free encyclopedia |
Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. ... |
en.wikipedia.org |
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Debt Analyzer, Debt Reduction Software, Home Page |
Debt Elimination at its best! Potential savings of hundreds or thousands of dollars! Build debt reduction, timed elimination or consolidation schedules. |
www.debtanalyzer.com |
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Superior Debt Relief |
We help you get rid of credit card debt much faster than you may believe possible with credit card debt settlement and negotiation tactics, providing debt ... |
www.superiordebtrelief.com |
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Debt Relief - Social and Economic Policy - Global Policy Forum |
Aid Inflows, Debt Relief Yet to Translate into Reduced Poverty (March 20, 2006) ... Fearing that the IMF could tie debt relief to economic benchmarks, ... |
www.globalpolicy.org |
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Debt Relief - Global Policy Forum - Social and Economic Policy |
Debt Relief - Global Policy Forum - Social and Economic Policy. The Debt Relief Page Has Been Moved to: ... |
www.globalpolicy.org |
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BBC NEWS | Business | Q&A: African debt relief |
BBC News looks at the progress of international debt reduction efforts, and the sticking points which continue to hamper the process. |
news.bbc.co.uk |
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Debt Relief Australia - Start Reducing Debt Today! |
Debt Relief offers Australians in debt assistance with finding the most appropriate debt relief solution. |
www.debtrelief.com.au |
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Debt Consolidation Australia, Debt Relief & Bankruptcy Information |
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www.foxsymes.com.au |
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Oxfam - Debt and Aid - Debt Relief for Nicaragua: breaking out of ... |
Oxfam policy paper on relationship between international debt servicing and poverty. Linked to table of contents and also zipped for download. |
www.oxfam.org.uk |
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What debt relief means for Africa | csmonitor.com |
This weekend's $40 billion debt cancellation deal could spark major improvements in the lives of the world's poorest people. |
www.csmonitor.com |
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