Do You Have A Credit Card Debt Problem?
Fighting credit card debt? First of all, you need to know you are not alone.
Consider yourself one of many. In fact, chances are
that there are plenty of others that have a far worse problem with their credit
card than yours. And just like you, they are all looking to eliminate the
problem with their credit card. Wondering how to eliminate your credit card
debt problem?
The solution goes like this - Tackle This Mess full on and with all you've got. Don't stop until you've won back your freedom from debt.
Now, how do you do that? Actually, there are plenty of ways to tackle your problem with your credit card. A lot of solutions are available online but many of them are complex, ambiguous, and difficult. However, we have come up with a simple and straightforward way to tackle your financial woes.
10 Steps to Eliminate Your Credit Card Debt Problem: Get a Pencil.
1. Start by taking stock of your own situation. It's time to make a list using the following fields - the name of the card; the balance owing; the date payment is due; the Annual Percentage Rate (APR); any rewards points earned/used.
2. Now, you need to fill in the data of all your statements on the table designed. This will give you an up-to-date snapshot of where you stand.
3. Figure out which card has the highest APR, the highest outstanding balance, or anything else that needs to be noted.
4. Check to see if you can use any of your reward points as a partial payment for any fees incurred. If you can trade off points, you save some money. (I do this often!)
5. Draw a comparison table of the offers and options that are available to help you. For example, balance transfer or loan consolidation.
6. Start by eliminating debt on the card that is contributing the most to your problem, usually the one with the highest interest rate.
7. If you can transfer any balances, put most of your debt on the card with the lowest APR, so you pay less interest on the debt.
8. Start to practice controlled spending habits, buying only items that you need, which will definitely help with your credit card balances.
9. Always look for other ways to add to your income because that extra income means a reduced balance, which obviously means less money being paid to interest.
10. See your crisis reduced over time and when the moment comes, that you have put an end to your credit card debt problem, make sure you celebrate!
The above 10 step plan is just one possible solution to your financial crisis. You might come up with your own plan that works great for you and puts you back in control. Any method is EXCELLENT if it meets the objective of taking care of your credit card debt problem.
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