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Debt elimination: Legal! Lawful! Ethical! Debt elimination really works.
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Debt Elimination
Debt seems to have become the buzz word in today's world. We
can't blame it on people. After all it's human to fall for it.
However, it surely isn't good for you. If you have fallen into a
debt trap, you can take comfort from the fact that you are not
the only one. Getting out of debt trap is not impossible either.
You just need to have some patience and exercise restraint on
the bad spending habits that you have developed over a period of
time (assuming that the debt has not resulted due to some
difficult circumstances).
Analyze the situation properly and prepare a strategy for debt
elimination. Here is a list which you could reference to pave
the path to debt elimination:
1. Controlled spending: The first thing to do is prevent the
situation from getting worse i.e. stop the debt from growing
further. So exercise control and try and remain within 70% of
your credit limit. You might also resort to spending cash
instead of plastic, just as a control mechanism.
2. Consolidation: Debt consolidation is another instrument
which is very much in use as an important step towards debt
elimination. This involves switching over to a new credit card
which has a lower APR. However, if you intend to keep spending
like mad, this will result in a debt trap and will not help you
at all.
3. Negotiate: You might as well talk to your existing credit
card company about the situation and check if they are able to
help by reducing the APR for a period of time. This does work
sometimes because these companies too want to retain their
customers.
4. Pay off some debt: If you have some cash handy, you might as
well pay off some
debt, especially the one that is on higher APR
credit cards.
5. Seek professional advice: If you are not able to find the
way out by yourself, you should take professional advice. There
are consultants who would not only give advice but also detail
you about what offers are available in the market and which suit
you the best.
6. Resist offers: Credit card companies keep putting up new
offers to lure more customers. These could range from getting a
discount if you shop with them, a free gift etc. Do not fall for
such offers. Just treat them as 'Not for me', because these are
really not for you until you come out of your current debt.
These are more to induce spending than anything else. Moreover,
this will just add to the annual fees that you pay on your
credit cards.
7. Reduce the number of credit cards: If you have a large
number of credit cards, you will always be tempted to using one
or the other till the credit limit is reached on them. This
creates a debt trap. So, if you can, then close off some of your
credit card accounts.
The key to debt elimination, however, lies in 'Restraint'. If
you are able to control your spending then you are already
moving in the right direction.
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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| www.imf.org |
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| Special report: debt relief | Special reports | Guardian Unlimited |
| February 6: A year ago the Guardian set out to track the west's promises of action for Africa on aid, trade, health and debt relief. As G8 finance ministers ... |
| www.guardian.co.uk |
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| bankruptcy.findlaw.com |
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| www.worldbank.org |
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| www.worldbank.org |
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| Debt relief - Wikipedia, the free encyclopedia |
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| en.wikipedia.org |
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| Debt Analyzer, Debt Reduction Software, Home Page |
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| www.debtanalyzer.com |
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| www.globalpolicy.org |
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| www.globalpolicy.org |
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| news.bbc.co.uk |
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| 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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