The Best Strategy to Erase Credit Card Debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.
In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.
Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.
Make a count of minimum payment of all the credit cards in the list you just created.
Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.
Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.
Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.
Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.
In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.
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Credit Card Debt Consolidation – Student Loans global credit advisers
I have heard on the TV about rate changes, about all the scare tactics that the credit card companies use, and a lot of horror stories besides. I am a big fan of Boston Legal, and recently they had two episodes concerning a secretary of Crane, Schmidt, and Poole that had some difficulties with her cards, making late payments and being really raked over the coals in the process.
it is a little known fact that a credit card company can raise your rate if you are even an hour late getting your payment in to them. It is why it is inevitable that you must pay your payment at least 10 days before due date if using snail male, and 5 if using the internet as I do.
The following article is by a school girl from South Dakota – Vanessa McHooley, and details her experiences with debt consolidation to help her manage her student loans.
Consolidate Loans Before the Rate Change!
by Vanessa McHooley
Consolidate Loans Before the Rate Change! Have you ever heard the old adage, “There is no time like the present”? Well, if there was ever a time that advice was very necessary, today is the day, as when it comes to debt consolidation on student loans, today is definitely the day to consolidate. Debt consolidation on your student loans can help you to save hundreds of dollars every year, as it helps to cut down the interest rates that you are currently paying on a variety of different college student loans. By cutting down these interest rates, you pay less money to repay your student loans. And the present just happens to be the best time to complete this process, as consolidation rates are so low that you can save even more money these days by using debt consolidation on your student loans!
Student Loans Are Such A Drag! Student loans are, quite often, a very painful process for many people. If you did not get the job that you expected out of college, it can be a real burden to pay back these loans for services that you do not feel helped you out. Alternatively, you may be doing your dream job, and giving up money from that job for something that already happened is not always the best feeling in the world. But, regardless of your situation, college loans are just a lingering aftereffect of your past that you would like to eliminate as quickly as possible.
Apply Now For Low Rates Though it may be hard, the present day rates on debt consolidations can at least bring your bank account some level of joy, as you will not have to repay as much money for your student loans as you might have previously expected! Debt consolidation these days make the process of repaying student loans more painless, and with rates these low, it would be a shame for you to miss out on the opportunity to save yourself some money. Scan the Internet, on web sites like NextStudent and many others, to find the consolidation plan that works best for you and your student loans. But do not delay: there truly is no time like the present!
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and were dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn how you can Consolidate Loans Before the Rate Change!
My goal is to help every student succeed – education is one of the most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD.
Many people fall into the trap of using their “plastic pal” to carry them through their everyday life. Let’s face it – credit and credit cards are a necessary evil in this day and age. My Uncle Bob, who owns two sections of prime farmland in southern Indiana, raising beef, corn and soybeans and tobacco, has always paid cash for everything he has bought. A lot of years ago, I lived with him and my Aunt Helene, and saw Uncle Bob walk into a dealership to buy a new combine, and was refused because he had no credit rating…
But credit is also very abused in the sense that people tend to carry their cards and use them to make purchases, even if they do not have the money to cover them in their bank accounts. And here is where we are eaten up by the credit card companies. Buyers, Beware!