CREDIT CARD DEBT CONSOLIDATION, WHERE TO TURN FOR HELP
Your credit card debt is out of control, how can you reign it in?
|
Credit cards: The American way of life. We use our credit cards for everyday purchases as well as the major ones. Most of us don't have real money to buy things each month, so we use our credit cards. And the utility companies, mortgage companies and others, don't make it any easier as they encourage us to make our monthly payments with plastic. Before we know it, we are heavily in debt and having trouble keeping up with the monthly payments. And if we are using more than one credit card, our problems are compounded. What is the solution? Perhaps a good credit card debt consolidation program. We present several options for you to consider, and some companies who may be able to help you get back to debt free living.
Do Nothing. You can keep paying the minimum monthly payments, but because of high interest rates on credit cards, you will see little progress in paying off your debt. Maybe in 20-30 years you'll be debt free. File Bankruptcy. There really isn't anything good that can be said about this, it should only be used as a last resort. Damages your credit rating for 7-10 years at best, may affect your employment, and more. With tighter restrictions on filing for bankruptcy, even this may not be an option any longer. Debt Consolidation Loan. Must have something as collateral (like your home), so it can be risky if you get behind in your payments. And you don't really reduce your debt; in fact, if you do a home equity loan or refinance, you could add a couple thousand dollars more in closing costs and fees. If you miss a payment, you could lose your home. Be careful if you consider this option. Consumer Credit Counseling. Can help with counseling in handling your finances as well as consolidating your credit card debts and getting lower payments for you. One of their strongest points is in counseling, so that you can change your spending habits as you reduce your debt load. Debt Settlement. Companies that can negotiate with your credit card debtors to accept lower interest rates, thus paying off your debts more quickly.
Since accrued interest is the biggest part of your debt, having someone skilled in negotiating for an interest reduction will be a big help. Depending on your debt load,
you could be free from it in just a few years. If you find yourself deep in credit card debt, consult one of the many companies who specialize in this field. Weigh your options carefully and choose the method that is best for you. And once you are on the way to getting out of debt, don't let history repeat itself. Consider putting your credit cards out of reach, or cut them up if you are tempted to use them. If you cannot change your spending habits, you will find yourself back in debt again soon.Credit Card Debt Options
Students are always eager to acquire credit card debt. Why? Because most of the teenagers do not pay attention on proper utilization of a credit card. Companies offer instant approval of student credit card along with good incentives and freebies. Don't be foolish as there is more in it than just freebies. As compared to it, business credit card is the best option because have shown that more than 90% of small business men use a business credit card for their transactions. In this regard visa cards are considered the best cards throughout the world. |