Credit Card Debt Elimination
The reality is, that credit card debt elimination has become a
a pre-occupation for many people today.
The advice generally given to people who find themselves in credit card credit debt is twofold. Firstly, the need to appreciate that eliminating credit card debt means exercising strict control over spending and secondly, is the option of consolidating credit debt.
If you plan on a self-help debt elimination strategy rather than using the services of a card credit debt elimination program,
the first thing you will need to do is adopt a determined and disciplined approach toward eliminating your card debts.
Here are a few well-known self-help credit card debt elimination procedures that can help you on your way to achieving a debt-free status. While they are not a 'quick fix' solution to total credit card debt elimination, they do however represent good
strategies for achieving some measure of credit debt relief.
Perhaps the most obvious debt busting recommendation of all is
the need to control your credit card credit spending to prevent the credit debt further accumulating. It is this uncontrolled spending and the compounding of interest charged on the balance each month
that has landed many people into serious credit card debt
Beware the seductive temptations and credit card offers
that appear in nearly every store, newspapers, magazines, shops
etc.,
It is easy to get carried away and spend unnecessarily just because the offer seems too good to pass up. Though tempting, these offers will only land you into deeper debt,
especially at a time when seriously considering credit card debt elimination. Be on the safe side, leave your
credit cards at home to prevent unplanned purchases
Devising and sticking to a monthly budget is an excellent strategy for eliminating credit card debt. Your budget
will not only form the basis of your debt elimination plan
but will also help keep you focused on your goal
If your credit score is good, you might want to enter into
negotiation with your card company for a more favourable card rate, if it is not your intention to balance transfer
If you recognise you need professional assistance, you can get card credit debt elimination information and advice from
a reputable debt help service
A second important credit card debt elimination procedure that will help you on your way toward managing credit card debts is debt consolidation, or balance transfer. This debt
busting strategy entails moving an existing substantial debt balance over from a high interest rate credit card to a low or even 0% interest rate card. Although strictly speaking, this measure does not eliminate card debts instantly, it is an excellent debt management and reduction strategy which, when used appropriately, can effectively eliminate debt over a short period of time.
Here are a few tips should you decide on this credit debt elimination strategy:
Be very selective when choosing a new credit card with a low introductory interest rate or a 0% card. The success of your
credit card debt elimination plan will depend on how well
you analyse the various credit card offers to determine the one that best suit your individual needs. You must consider factors such as the period of time given on the any new, low or 0% card balance transfer; the initial APR, in addition to the standard APR
Credit card balance transfers are indeed a great way to help
you save a great deal of interest, especially if it is your
intention to clear your outstanding balance during the life
period of the introductory offer, or at the very least,
reduce it substantially
Be sure also to read carefully the small print and the terms and conditions on any credit card offer, since these can and
will affect your overall credit card debt elimination plan
Don't make the mistake of closing the credit card account(s) from which you have transferred your debt balance(s). If you feel
temptation will get the better of you if you don't close the account, try and find another way to prevent any further spending
on it - i.e. cut the card(s) up. This is an important point because it can literally affect your credit score or credit rating.
The reason is plain and simple. Even a tainted credit report history is far better than no credit history at all. This, and
your credit score are important factors used by credit lenders to assess the level of risk you present and also the rate of interest they will charge you.
A further bonus for keeping your old accounts alive and kicking,
is that an old account will have a track record - fair do's, it
might not be an excellent one but nevertheless it has gone the
distance and will clearly demonstrate your credit debt management
skills. In contrast, a new credit card account will not
Any debt elimination technique will work on the principle that 'prevention is always better than cure'. With this in mind,
make proper planning, discipline and adherance to your debt strategy
the foundation for ensuring total credit card debt elimination.
The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.
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