Credit Card debt is the number one destroyer of personal finances. You must eliminate credit card debt at all costs.

The problem with Credit Card debt is it is so expensive, easy to get and it is so easy to accumulate through impulsice spending on items that seem so worthless soon after their purchase. Later in this page we will show you how to get out of credit card debt.

Who Should Not Have A Credit Card ?

Anyone who fails to pay thier full credit balance each an every month without fail.

Who Should Have A Credit Card ?

Anyone who pays thier full credit balance every month without fail.These disciplined budgeters can actually use a credit card to smooth cash flow. But only these people, anyone else should not have a credit card.

How To Eliminate Credit Card Debt?

This is general advice and each country has different rules and calculations for credit cards. This advice will work in most countries, however you need to explore the details and get advice prior to acting or making decisions.

For those people with multiple credit cards and who cannot pay them all this month.

 

Step 1

Be honest with yourself. Get out all your Store and Credit Cards look at the statements and calculate your total credit debt.

Line up your cards in order from highest interest rate to lowest.

Step 2

Cut back on spending (see Spending). Pay off the total debt on the highest card first. Pay the full balance on the highest card and the minimum or just over the minimum on all your other cards. Repeat this process over and over till you have eliminated the debt on all your cards.

Do not try and save, invest or do anything else until you have completely paid off all credit card debt.

Warning - some countries including the US use a FICAL score or index to calculate your credit rating and interest rate. Canceling your cards may raise your interest rate on other cards you are trying to repay. So consider cutting them up as you pay them off without cancelling the account. Once you have all your debts under control you then cancel the accounts.

Warning 2 - never without independent non-commision advice roll your credit cards into a home or personal loan. Yes the interest on these loans are lower, but it is a trick by the Banks to get you to pay 20 years interest on your purchases. Those shoes for $150 could end up costing you over $290 at 7% for 20 years.

 

When Debts Are Too Severe To Use The Above Methods?

Seeking advice from a professional debt consolidation firm may be your only option. Debt consolidation firms can negotiate with lenders on your behalf. The may be able to lower repayments, have a reduction in the amount due or roll all the loans into one manageable loan.

For some people this works well. BUT BE WARNED. If you continue to overspend and accumulate new Credit Card Debt you will be in a far worse position. You will be drowning in new debt and paying for an additional loan for the old debt.

Seek expert independent professional advice.

See our Debt Consolidation web site for more detail.

 

We will place a section here soon with tips and tricks for responsible credit card users.

 

If You Like What You Have Read And Think It Has Or Will Be Of Value, Please Donate Here. All Donations Will Be Used To Add Value To This Site And Its Users.

If You Like Our Great Money Making Content, Then Why Not Sign Up And Instantly Receive Our: 12 Sure Fire Ways To Make More Money Online!

Please Provide Your Valid Working Email After you we authenticate your email is working we will direct you to our 12 Sure Fire Ways To make Money Online! Sign up then click the tiny Continue Button at the top of the next page. Name: Email Address: Don't Worry We Hate Spam! We will send you about 3 - 5 emails per month with fantastic tips and secrets, and the occasional special offer. We will never give or sell your email address to anyone.

 

 

Disclaimer - this information is general in nature and does not take into account your individual circumstance. You should always seek professional independent advice prior to acting on this information or making any decisions based on this information.