Credit Card Debt Informative - Getting out of debt!
Getting in debt is very easy to do. You are told you can't live with out a credit card and you must have one to "keep up with the Jones's", Now what do you do?
No Easy Way Out Of Credit Card Debt
By Mark Huffman
To get out of debt, financial experts suggest a four pronged approach:
• Analysis look at what you own, what interest rate you are paying, and when you would like to be able to retire the debt.
• Budget eliminating or reducing your debt will not happen without some sacrifice. Unless you come into a windfall of cash, the money to pay off the debt will have to come from your current cash flow. Look for places were you can save money from your current expenses and be disciplined about applying that savings toward paying off your debts.
• Be Bold It never hurts to ask for a little help. Call your credit card company and see if you can obtain a lower rate. This time of year lots of people shop for new cards, and credit card companies are mindful of that. If they refuse you, then become one of those people shopping for a lower rate card and transfer your balance.
• Raise CashLook for possessions that you can sell and generate cash. Use the cash to make a large payment on one of your credit cards.
Financial experts caution that there is no easy, painless way to get out of debt. For that reason, it is wise to be highly skeptical of the advertised claims of some so-called debt counselors. Numerous complaints to ConsumerAffairs.com tell of situations where paying large fees and following the advice of a debt counselor actually made the situation worse.
Read the rest of this report if you are in need of help and good luck getting out of debt!