Your Credit Card Debt
By Gary Gresham
Credit card debt elimination can be achieved
with a good plan and a little patience.
The important thing is to find what works
best for you, then stick to your plan. The rewards
are well worth it and you'll save yourself a
lot of money in the process.
You can choose to either start paying off the
credit card with the highest interest rate first
or you can get rid of the credit cards with
the smallest balance first. The important thing
is to know exactly how you are going to approach
your credit card debt elimination before you
Set a Budget and Eliminate Credit Card
First, set a realistic budget to lower your
spending in all areas and stick to it. Living
by your budget will help you pool your available
cash for your credit card debt elimination plan.
The most important you must do immediately
is to stop using your credit cards. You can
never succeed with credit card debt elimination
if you continue to add to the outstanding balance.
The interest on that debt added with a climbing
balance will make credit card debt elimination
Pay more than the Minimum
It's important to pay your credit card bills
on time and always pay more than the minimum
payment on the bills you want paid off first.
Paying the minimum payment doesn't eliminate
that high credit card interest rate. That's
exactly what the credit card companies want
because they are making a killing off that interest.
If you are concentrating your bill paying efforts
on one bill at a time, then you should still
pay at least the minimum on the others. Once
each bill is paid redirect your resources to
the next bill so your credit card debt elimination
can become a reality.
Ask your Creditors for a Lower Interest
A tip that has worked for some people is contacting
creditors to ask for a lower interest rate.
Even if most creditors say no what if some of
them say yes? The interest savings to you will
multiply your credit card debt elimination efforts
and save you money. It's worth a few phone calls
and your time to try this.
One last tip is, if you choose to close your
credit card accounts, do not close them until
after the bill has been paid. Some credit card
companies often will penalize you by raising
interest rates if you close an account that
carries an outstanding balance.
The most important thing to remember is to
begin your plan right now. Think of how you
will feel when you are finally free of high
credit card interest. The sooner you start,
the sooner your ultimate goal of credit card
debt elimination can be accomplished.
This article is supplied by http://www.credit-repair-facts.com
where you will find credit information, debt
elimination programs and informative facts that
give you the knowledge to correct your own credit
and credit report. For more credit related articles
go to: http://www.credit-repair-facts.com/articles_1.html