How To Clear Credit Card Debt

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Read Carefully - Seek Independent Advice

How To Clear Your Debt Will Vary In Each Country .

Each Persons Circumstances Are Different.

But These Tips Will Help You Map Out A Strategy

 

For People With Multiple Credit Card Debts

If you are behind in repayments it is vitally important to seek expert advice early and begin negotiations with your credit providers prior to them knocking on your door to repossess assets. Some providers may advertise on this site from time to time , they have good information, but be warned they are independent of us and there are some sharks out there. They seem expensive but they are often cheaper then the alternative

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.

Do not get tricked into consolidating your Credit Card debts to a loan unless:

  1. You destroy the cards
  2. You are convinced by a specialized debt councilor that it is the best option and you should consider all your options carefully before doing so...

Most people who roll credit cards into one loan then go on to refill their credit card debts and are in a worse position as a result.

Make sure you read our Debt Consolidation Loan page prior to consolidating any loans.

For fantastic information on all aspects of wealth, wealth creation, making money and investing, try BetterLifeToday.info

Step 1

Be honest with yourself you have a problem, and until you are willing to admit to yourself and your loved ones that you have a problem it will not be solved and will probably get worse. The fact you have found this web site is extremely encouraging in itself.

Step 2

Locate all your credit cards and the latest statement for each. If you don't have a statement , call the provider or look up their web site and find out the interest rate for every card you have.

Step 3

Line your credit cards from left to right in order from that with the highest to lowest interest rate. If two cards have the same or similar rate within 1/4 of a % then put the one with the lowest balance on the left.

Step 4

Look at your bank and credit card statements for the last month. Write down the items that are needs. Note: If you want to fix this mess you must be honest and tough in determining what is a need and what is a want.

Step 5

Do a budget - see our sample budget for suggestions of how to do a budget. Cut back your spending significantly as it is your spending that has caused this problem for 95% + people in debt.

Step 6

In step 3 we lined up all your credit cards in order. That is the priority for paying them off. You will pay the minimum on every credit card except the one furthest to the left. As soon as it is paid off you will render the card useless by damaging it and making the numbers and expiry dates unrecognizable to you. Do not race out and close the account - because if you live in a country like the US which calculates your interest rate using FICAL scores, your interest rate will go up if you close the account, and this will make it more difficult to pay the other cards off.

Step 7

Stick to your budget and repeat this process over and over until you have paid of every card.

Step 8

Visit our other site to become more financially informed and responsible and change your life forever. www.betterlifetoday.info

If you decide you would like to investigate rolling them into one easy to manage laon make sure you read our Debt Consolidation Loan page.

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.