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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...
Becoming Free of Debt
What keeps the most people from developing wealth? What is the greatest obstacle to retirement? If you could eliminate one thing to position yourself for financial peace and security, what would be? The answer to each question above is debt!...
Credit Card Debt
Do you have a hard time paying your credit card bills? Starting
to get notices from waiting creditors to pay? Worried that you
might lose your properties like your house because of credit
debt? Chin up: Dealing with credit card debt is not as...
Debt Facts
In 2003, almost one and a third percent of US househoulds (about 1,650,000) filed for bankruptcy, indicating that bankruptcy may not have quite the stigma attached to it as in other parts of the world. Somehow, the USA, with a population of about...
What is a Debt Management Plan, and why should I enroll?
It's Friday night and you just sat down to watch your favorite show. A few moments later a commercial comes on. That's right, another credit counseling agency promising to lower your interest rates and stop collection calls. If you're cynical or...
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Simple Steps for Getting Out of Credit Card Debt
How to Get Out of Credit Card Debt
With the number of credit card offers that the average American
home receives every year, and the fact that the average American
is about $8000 in credit card debt, it is not difficult to see
how quickly consumers can get deep into debt with credit cards.
Although it's not easy, there are some simple steps that can be
taken to begin to decrease your credit card debt and to begin to
gain control of your spending and finances once again.
To begin, look at the latest statement for each of your credit
cards and check the balances on them. Then check the interest
rate you are being charged by each of these cards. Some
creditors can charge up to 21% or more in interest annually. If
you find that you are carrying a balance on one or more of these
high interest rate cards, and you are only paying the minimum
required payment each month, it may take you years to pay the
balance off. Not only that, but when the iniital balance is
finally paid off, you will actually have paid many times the
initial charges when you consider all of the interest paid
during this time.
The next step you must take to avoid this scenerio is to
consolidate your debt. If you are carrying a balance on a high
interest rate card, begin looking for a card that offers a
lower
interest rate. If you are carrying balances on more than one
card, look for a credit card that offers an introductory rate of
0% on balance transfers. Apply for one of these cards and
transfer your existing balances to this new card. Now you have
anywhere from 6-15 months (depending on the new card's terms) to
work on paying down your balance without worrying about added
interest charges. However, be sure to ask about any transfer
fees involved before opening one of these new credit card
accounts.
The final key is to stop all unnecessary spending and increase
the payments to your credit cards as much as possible. Above all
else, avoid paying only the minimum required monthly payment.
This is the worst thing you can do. Continue to pay off as much
as possible every month while reducing your spending as much as
possible and you will find your debt beginning to decline until
you are finally out of credit card debt entirely.
About the author:
Karyn Kudrna is owner of the websites www.credit-123.com and
which offers information on low interest credit cards
and
www.finance-123.com which offers credit cards for bad
credit
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| Special report: debt relief | Special reports | Guardian Unlimited |
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| Economic Policy and Debt - The Enhanced HIPC Initiative |
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| www.globalpolicy.org |
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