Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Thursday, January 22, 2009
Unlike the popular belief we are told over and over again, credit cards are not free money. If you are not cautious enough, it can be the straightforward way to financial hell. There is some good news though. Your way out is still possible with efforts from your part.
Many experts say that one of the best hidden ways to get rid of credit card debt, that your bank don't tell you about, is with the use of a debt consolidation loan. If you have a number of credit cards then a consolidation loan may be a good advice. This comes along with a condition though. Be ready to give up your cards because these accounts will be suspended by your credit card lenders. A good indication that you need this is when you are already having missed payments for three or more consecutive months. This is much better than to suffer the consequences of a negatively impacted credit rating.
Consolidating your credit card debts into one big loan offers you a way to get rid of high interest rates from credit card lenders. This offers you a scheme to pay your bills without the hidden charges and extra fees. It also gives you the time to pay the balances in a much more feasible time frame. In addition, you don't have to keep track of several statements with various credit cards because you will only recall one due date with your consolidated loan. This eliminates the late payments when dealing with a lot of bills at different times of the month.
Explore with various banks and get the best debt consolidation loans with respect to the interests and the terms they offer. Take the time to search and compare loans if possible. Bear in mind that you are trying to better your financial situation, so you need to get a debt consolidation loan that offers you better rates and terms than your credit card lenders altogether.
Take the necessary steps and make the religious payments every time and you are on the right track to a debt-free life soon. There is a bad news however. A lot of people will take a debt consolidation loan to get out of their credit card debts. But after a few months, they get another card and splurge their way to another shopping spree.
This only worsens their problems because they have to make the new set of payments on the new credit cards. And don't forget the consolidated loan payment. Unless a person learns how to deal with the finances, he will still be running in circles with this financial disaster. So to make the most of this opportunity, learn not to go back to this financial trap and be smart with money.
Many experts say that one of the best hidden ways to get rid of credit card debt, that your bank don't tell you about, is with the use of a debt consolidation loan. If you have a number of credit cards then a consolidation loan may be a good advice. This comes along with a condition though. Be ready to give up your cards because these accounts will be suspended by your credit card lenders. A good indication that you need this is when you are already having missed payments for three or more consecutive months. This is much better than to suffer the consequences of a negatively impacted credit rating.
Consolidating your credit card debts into one big loan offers you a way to get rid of high interest rates from credit card lenders. This offers you a scheme to pay your bills without the hidden charges and extra fees. It also gives you the time to pay the balances in a much more feasible time frame. In addition, you don't have to keep track of several statements with various credit cards because you will only recall one due date with your consolidated loan. This eliminates the late payments when dealing with a lot of bills at different times of the month.
Explore with various banks and get the best debt consolidation loans with respect to the interests and the terms they offer. Take the time to search and compare loans if possible. Bear in mind that you are trying to better your financial situation, so you need to get a debt consolidation loan that offers you better rates and terms than your credit card lenders altogether.
Take the necessary steps and make the religious payments every time and you are on the right track to a debt-free life soon. There is a bad news however. A lot of people will take a debt consolidation loan to get out of their credit card debts. But after a few months, they get another card and splurge their way to another shopping spree.
This only worsens their problems because they have to make the new set of payments on the new credit cards. And don't forget the consolidated loan payment. Unless a person learns how to deal with the finances, he will still be running in circles with this financial disaster. So to make the most of this opportunity, learn not to go back to this financial trap and be smart with money.
About the Author:
For more advices on credit card debt consolidation loan and how to get rid of debt, go to http://www.Howtogetridofdebt.net/ by Paul J. Easton.
posted by Credit Counseling at
5:31 PM
0 Comments
If you have a number of credit cards, you are certainly aware that keeping the balance unpaid from month to month will end up making you pay more until your financial outlook becomes very troublesome. For some unfortunate cardholders, the situation seems impossible to get through that they even thought of filing a bankruptcy. Getting out of the credit card debt trap is much more doable if you go about it immediately, and yes, it is possible. Here's how to get rid of debt.
The first thing you should do is make a decision for yourself. Come to a point realizing that you truly are in need to get out of this mess and will face it no matter how hard it may seem. Once you collected yourself and set your focus to being debt-free, commit to have the determination needed to get out of this problem.
The next thing you should do is to get rid of all of your open credit card accounts. This avoids all the temptation to use them. Using these cards means more debt. Cut up the cards for now or put them somewhere where you will not access them easily.
Here is the most critical part of our plan. The move which created this mess is developing the habit of paying the minimum amount only each month. It may be affordable up front but it actually will cost you more money in the long term
As an advice, pay at least twice the minimum payment due on each month. Pay more if your budget can. This technique eliminates the interests added each month on your bills. Credit card lenders will only gain profit from interests and other hidden fees they charge. So you have to truly work at those balances by making larger payments every time. You may not observe any difference at first but with several consecutive and on-time payments of twice the minimum or more, you will begin to notice those balances reducing to a manageable amount. Make sure only that don't get a new card yet until they are fully paid and you discipline yourself to make good use of your next credit card.
It would seem painless to get into the habit of making only the minimum payments every time. Since you will mind of only a low amount, it can free up some cash flow for your other expenses. Regrettably, paying the minimum is not that easy and can be a very costly method of managing your finances in the long run. Even with just a low balance, the interests with your debts will likely to grow and will mostly take over a decade to repay. So pay your dues twice the minimum or more and follow this until you pay the whole balance, you will finally be debt-free soon.
The first thing you should do is make a decision for yourself. Come to a point realizing that you truly are in need to get out of this mess and will face it no matter how hard it may seem. Once you collected yourself and set your focus to being debt-free, commit to have the determination needed to get out of this problem.
The next thing you should do is to get rid of all of your open credit card accounts. This avoids all the temptation to use them. Using these cards means more debt. Cut up the cards for now or put them somewhere where you will not access them easily.
Here is the most critical part of our plan. The move which created this mess is developing the habit of paying the minimum amount only each month. It may be affordable up front but it actually will cost you more money in the long term
As an advice, pay at least twice the minimum payment due on each month. Pay more if your budget can. This technique eliminates the interests added each month on your bills. Credit card lenders will only gain profit from interests and other hidden fees they charge. So you have to truly work at those balances by making larger payments every time. You may not observe any difference at first but with several consecutive and on-time payments of twice the minimum or more, you will begin to notice those balances reducing to a manageable amount. Make sure only that don't get a new card yet until they are fully paid and you discipline yourself to make good use of your next credit card.
It would seem painless to get into the habit of making only the minimum payments every time. Since you will mind of only a low amount, it can free up some cash flow for your other expenses. Regrettably, paying the minimum is not that easy and can be a very costly method of managing your finances in the long run. Even with just a low balance, the interests with your debts will likely to grow and will mostly take over a decade to repay. So pay your dues twice the minimum or more and follow this until you pay the whole balance, you will finally be debt-free soon.
About the Author:
Debt - Bonus Credit Reports coming soon!
posted by Credit Counseling at
5:23 PM
0 Comments
Using a credit card wisely, one can definitely take advantage of a lot of benefits like bonus points, airline miles, and a cash back you most need in times of emergency. Use it haphazardly and this could be your nightmare for a long time.
For some irresponsible debtors, their financial situation is very much ruined by the bills that haunt them every due dates. It has come to a point where it is so difficult to get out of their credit card debt trap. This is actually the product of year of financial unreliability or simple ignorance.
Credit card companies like it when you carry a big balance in your statement and only pay the mandatory minimum every month. Unfortunately, you will most probably expect to pay that card off for an extended period of time. For some cases, it even takes them decades to pay off a substantial balance. Credit card companies are laughing their way with bigger profits because you are like a cash cow to them. But will you simply be still ignorant over the matter?
Here are simple methods how to get rid of debt as soon as possible. The initial step that you have to take is set your mind to being credit card free. Cut up all your cards except one just for emergency, but still don't use this one for now. At first, this is terribly difficult. You must have the enough determination to get yourself out of this debt trap. Or else, this will be your death trap soon.
When you don't have any access to credit cards, you don't get any deeper into debt. The one that you saved should not be placed in your wallet. Have it in a safe place and should be used only for emergency cases.
Now, when the statements arrive, pay much more than the minimum balance. Ideally, pay at least twice the minimum payment due or more. This lets you deduct the principal to gradually reduce the interest over the balance. Initially, you may not see a considerable difference but with a few moths of timely payments, you will eventually notice those balances come down.
When you are dealing with multiple cards, here's a great tip. Prioritize and concentrate most of your money to the payment of the card with the highest interest. Temporarily, you can have minimum payments for the other cards. When that prioritized car is fully paid, concentrate on the next card with second highest interest and so on. You will finish paying your balances faster with this method compared to paying only the minimum.
Choose not to be tricked by the credit card companies. Decide now and get out of your debt. Work hard and smart towards paying your cards as much as you can. Your goal is to get out of debt as soon as possible and by deciding now, you save your butt from a big financial disaster.
For more tips on how to get rid of debt, go to http://www.Howtogetridofdebt.net/ by Paul J. Easton.
For some irresponsible debtors, their financial situation is very much ruined by the bills that haunt them every due dates. It has come to a point where it is so difficult to get out of their credit card debt trap. This is actually the product of year of financial unreliability or simple ignorance.
Credit card companies like it when you carry a big balance in your statement and only pay the mandatory minimum every month. Unfortunately, you will most probably expect to pay that card off for an extended period of time. For some cases, it even takes them decades to pay off a substantial balance. Credit card companies are laughing their way with bigger profits because you are like a cash cow to them. But will you simply be still ignorant over the matter?
Here are simple methods how to get rid of debt as soon as possible. The initial step that you have to take is set your mind to being credit card free. Cut up all your cards except one just for emergency, but still don't use this one for now. At first, this is terribly difficult. You must have the enough determination to get yourself out of this debt trap. Or else, this will be your death trap soon.
When you don't have any access to credit cards, you don't get any deeper into debt. The one that you saved should not be placed in your wallet. Have it in a safe place and should be used only for emergency cases.
Now, when the statements arrive, pay much more than the minimum balance. Ideally, pay at least twice the minimum payment due or more. This lets you deduct the principal to gradually reduce the interest over the balance. Initially, you may not see a considerable difference but with a few moths of timely payments, you will eventually notice those balances come down.
When you are dealing with multiple cards, here's a great tip. Prioritize and concentrate most of your money to the payment of the card with the highest interest. Temporarily, you can have minimum payments for the other cards. When that prioritized car is fully paid, concentrate on the next card with second highest interest and so on. You will finish paying your balances faster with this method compared to paying only the minimum.
Choose not to be tricked by the credit card companies. Decide now and get out of your debt. Work hard and smart towards paying your cards as much as you can. Your goal is to get out of debt as soon as possible and by deciding now, you save your butt from a big financial disaster.
For more tips on how to get rid of debt, go to http://www.Howtogetridofdebt.net/ by Paul J. Easton.
posted by Credit Counseling at
12:29 PM
0 Comments
