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4 Principles to Follow to Avoid Credit Card Debt During the Holiday Seasons
The holiday season has arrived. It is time to celebrate, make
merry, and have fun. Travel plans have been made, lists of gifts
for family and friends have been drawn up, and arrangements for
parties are in full gear. It is indeed the season to be...
Consolidating Debt? 5 Warning Signs Of A Shady Debt Consolidation Or Debt Management Company
Unfortunately, not all debt consolidation companies are
legitimate. To avoid the shady companies, educate yourself on
the debt consolidation process and watch out for these warning
signs.
Quote Unusually Low Monthly Payments
A debt...
Credit Card Debt: Repair After Bankruptcy
Ah, credit card debt. You've asked yourself the question many
times, "Will I ever get credit again?" The answer, although
seemingly complex, is quite simple: Yes. You can have another
chance at re-establishing your credit. Filing bankruptcy is...
Overwhelming Debt? Bankruptcy May Be Your Way Out, But Maybe Not
Things are bad, really bad. They have to be for you to be considering bankruptcy. It's true that bankruptcy can wipe away your debts, or most of them anyway. Taxes are exempt from bankruptcy protection. You can declare bankruptcy, but if a...
Two Ways To Debt Relief
There are many debt relief programs out there both off line and online. Sometimes it can be difficult to chose one from the other. To make a reasonable choice, you need to know
your specific debt problem for example student loan debt, credit card...
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The Simple $10 Debt Elimination Solution
Ask a friend what money resolutions they made at the beginning of the year and your bound to hear them reply “Pay off my credit cards.” Ask them how they planned on reaching that goal and most of them won't have an answer.
The obvious first step to paying off credit card debt or paying down credit debt load is to cut back or eliminate the use of your credit cards. For some people this first step can often be the most difficult. If you’re used to spending freely with plastic and worrying about the consequences later, it’s difficult to break free from this “buy now, pay later” attitude.
To gain control of their careless credit card spending habits, some people cut up their credit cards therefore making it impossible to use them. Others lock up their credit cards or hide them in a safe place and vow to use them only in an emergency.
The second step to paying down credit debt is to pay more than the minimum balance due. Most credit card companies require a minimum monthly payment of 2.5% of the outstanding balance. For example, if you have an outstanding balance of $1100.00 on a credit card charging an Annual Percentage Rate (APR) of 18.9% your minimum monthly payment would be $27.50. It will take you 66 months or 5.5 years to pay off your balance of $1100.00 making the minimum payments. The credit card company will make $676.94 in interest from your use of their credit card.
Monthly payments are purposely kept low by the credit card companies so that they can earn as much as possible from the interest rate charged to you the
consumer. Paying just the minimum payment will keep you tangled in credit’s web for years and years to come.
If you’ve been paying only the minimum due month after month, ask yourself this question, “Do I have an extra $10.00 I could apply to this month’s payment?” I’m sure that most of us could find some way to come up with an extra $10.00 for the month. Try cutting out a few cups of coffee or lunches at your nearby fast food outlets and in no time flat you’ll have saved up the extra money that you need.
Now, it’s time to unveil “The Simple $10.00 Debt Elimination Solution.” Take that extra $10.00 and add it to the minimum monthly payment above, therefore making a payment of $37.50. By adding just that $10.00 a month to your minimum payment, you’ll trim 23 months or nearly two years off of that credit debt! On top of that you’ll save $277.00 in interest alone! That’s money you can put toward savings or paying off other debts. Imagine how much you’d be able to save if you applied this same simple strategy to each of your other credit card debts!
Paying down credit debt doesn’t always mean having to make huge monthly payments or sacrifices. It just takes some basic planning and a simple effective strategy to make it work.
About the Author
© 2005, http://www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter focusing on managing your personal finances and credit. Subscribe and get a FREE copy of your credit report when you visit: http://www.yourfreecreditreportnow.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 |
| 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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| 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 |
| The Brewer Law Firm. William E. Brewer, Jr., Attorney at Law Board Certified Consumer Bankruptcy Specialist. 619 N. Person Street Raleigh, NC 27604 ... |
| www.debtrelief.com |
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| Debt Relief - InCharge Debt Solutions |
| There are many ways to get out of debt, for good, and it may be easier than you think. The first step is knowing your options, the second step is taking ... |
| www.incharge.org |
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| Economic Policy and Debt |
| May 2006, IMF And World Bank Support Cameroon’s Completion Point Under The Enhanced HIPC Initiative And The IMF Immediately Grants 100 Percent Debt Relief ... |
| 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 |
| Specialising in debt agreements, mortgage refinancing and bankruptcy. Company profile, calculators, solutions, media releases, testimonials and existing ... |
| 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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