Reducing credit card debt and then eliminating it is the only way that you are going to be debt free. It starts with admitting that things need to be different and then looking for a plan that will get you out of debt and sticking with the plan until it is complete.
Reducing your debt begins with stopping the charging. This will at least keep it from increasing. The fastest way that you can reduce your debt is to reduce your APR. This alone can save you thousands of dollars as you repay your debt. The easiest way to get an interest rate reduction is to call your credit card companies and ask them to reduce your interest rates. If you have been making your payments on time, they will normally lower your interest rate once a year.
Another way of getting an APR reduction is by transferring your balances to a low interest rate or 0 percent interest rate card. This will save a lot of money, but now you will have available credit on the card that you paid off. For many, it is tempting to charge on this account and many people do and this presents an even bigger problem.
Credit counseling also offers substantial interest rate reductions on your accounts. Debt counseling is a nonprofit organization that consolidates your debt without a loan. You will make one payment each month to this organization and they will disburse it to your lenders. The APR reduction and the methods the debt management company uses to repay your debt will have you debt free in about five years.
Reducing credit card debt will help you, but your ultimate goal should be to pay off your credit card debt and be debt free.
Debt can be very scary and sometimes it just takes being shown the right direction to get you on the path to debt freedom. Reducing credit card debt [http://xsdebtelimination.com/] is the first step to getting out of debt. Find out how you can get out of debt in five years by reducing credit card debt [http://debt-settlement-today.com/how-to-pay-off-credit-card-debt].
Article Source: http://EzineArticles.com/?expert=Marjorie_Salada
http://EzineArticles.com/?Tips-For-Reducing-Credit-Card-Debt---The-First-Step-to-Being-Debt-Free&id=2816948
No comments:
Post a Comment