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0% APR Credit Cards: A Tool To Eliminate Debt
It is interesting to note that what started off as a marketing gimmick has now become an almost permanent part of the credit card industry in America and today 0% APR credit cards can in fact play a significant role in helping a person reduce or get...
Begin The Debt Consolidation Process Today
Are you in debt? Are you tired of answering harassing call and
mails from various creditors? Are you unsure of whom to pay and
for how much? Do you have too many cards and are not sure how
much you owe? In today's economy, it is all too easy to...
Credit Card Debt Elimination
Credit card debt elimination can be done with a good plan and a little patience. The important thing is to find what works best for you and stick to your plan. The rewards are well worth it and you'll save yourself a lot of money in the process. ...
Debt consolidation services can make you debt free
Content:
Debt Consolidation services are the most reliable option to secure freedom from debt. They help you in debt management with care and guidance where you are free from debts. A debt struck man has two options to choose fro; one leads to...
Debt Specialist In The UK Required
We are always hearing in the media how the country is in debt
and that many people are also in severe debt but most people
think that they have their own debts under control.
I had a friend who himself had a number of credit cards and...
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Crushing Credit Card Debt
How much do YOU owe on your credit cards?
The average American family is now over $7000 in debt just
on their credit cards. That debt generates an interest
charge of over $105 each month if your card charges the
average 18%. If you have missed a payment or made a late
payment (even by one day!), you may be paying up to 27%
interest or over $157 each month.
Most credit card companies require a modest payment towards
the card balance. Modest meaning from $10 to $20 a month.
To pay off a $7000 debt at $20 a month you will not pay off
this debt for 29 years.
And what about those interest charges? Paying off a $7000
credit card debt charging an interest rate of 18% and paying
$20 a month towards the debt, you will pay over $18,400,
more than TWICE the original debt, just in interest.
What if you have more than one card? What if your debt is
over $7000? What can you do? How can you get out of this
hole?
There are some techniques that can help you pay off your
debt and do not require expensive loans, invasive credit
checks, or expensive financial planners and accountants.
You can also save on interest charges by paying off your
debts in a certain order.
The most effective technique is sometimes called the
"snowball" method. The snowball method suggests that when
you pay off one debt you apply that payment amount to the
next debt. Thus the amount you pay on a debt grows like a
snowball rolling down a hill.
For example, you have three credit cards with debts of
$5000, $4000, and $3000 which are charging you 18%, 27%, and
12%, respectively, and you are paying $150, $125 and $100
each month. By paying these required monthly amounts you
will pay off your $3000 credit card first.
Now that the $3000 card is paid off you have an extra $100 a
month. Put that extra $100 toward paying off your next
credit card debt. Now you are paying $225 a month on the
$4000 card and the $150 on the $5000 card. With this
accelerated payment on the $4000 card you will pay off the
card earlier and save some money on interest
charges.
Then apply the $225 payment to the $5000 card for a monthly
payment total of $375. Soon this card will be paid off and
you will have $375 extra each month to pay off other debts
or better yet, INVEST!
So, which debts should get paid off first?
Generally, you want to pay off the debts that are charging
you the highest interest rates first. In the above example
you could have added the $100 payment to the $5000 credit
card rather than the $4000 credit card. But the $4000
credit card is charging you 27% where the $5000 credit card
is charging 18%. By paying off the card charging the higher
interest rate first, you will save some money on interest
charges.
If this sounds too confusing, you can enlist your computer.
You can search the Internet for the keywords "debt reduction
calculator" or you can visit href="http://www.simplejoe.com/debteraser/index2.htm">http:/
/www.simplejoe.com/debteraser/index2.htm and review a
product named Simple Joe's Debt Eraser.
Simple Joe's Debt Eraser helps you create a href="http://www.simplejoe.com/debteraser/index2.htm">Rapid
Debt Reduction Plan that is customized to your debts and
your situation. Just enter your debts and the amount you
can afford to pay each month. The software will create a
plan telling you how much to pay towards each debt each
month until they are all paid off.
You CAN pay off your debts. The trick is to stop charging
purchases to your credit cards and develop a debt reduction
plan. Your plan should include "snowballing" your payments
and prioritizing the debts by high interest rate.
About the Author
© Simple Joe, Inc.
David Berky is president of Simple Joe,
Inc. which sells the Simple Joe's Debt Eraser PC software.
Debt Eraser can help anyone get out of debt quickly and
inexpensively by creating a href="http://www.simplejoe.com/debteraser/index2.htm">Rapid
Debt Reduction Plan. This article may be freely
distributed as long as the copyright, author's information
and an active link (where possible) are included.
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