How To Eliminate Credit Card Debt

The credit card debt is a growing problem, especially with the current falling housing prices, declining savings rates, and stagnant incomes. But there are ways out of debt and freed from the burden of large balances of credit cards.

By paying your credit cards, you will be surprised by how much money you will save. Among the interest, fees, and late charges, credit cards can suck all their disposable income.

So the commitment to pay their credit card debt as soon as possible. To help you start, I have and a list of the 5 best ways to eliminate credit card debt credit.

1. Stop charging and reduce credit card debt!

This may sound simple, but it's surprising how many people can not seem save to enter their credit card. Forcing it. If you can not pay in cash (or debit card), then do not buy it. Period. Once stop digging deeper into yourself, you can finally start to get out of that hole once and for all and begin the process of eliminating credit card debt.

2. Get your current credit card interest rate reduced

Once you have stopped adding to its debt, the next step is to see what kinds of lower interest. Did you know that most credit card companies will increase their interest rate up to 100% if both as making a late payment? Even if the payment is only one day late, banks typically increase your interest rate dramatically. The really absurd is that these companies rarely report to credit bureaus unless you are a full 60 days late with payment. Thus, while it could have raised interest rates, your credit score could well remain intact.

You can easily work this situation in their favor. If you find that your bank has raised interest rates, call or write, for they have another bank that is willing to give a much slower pace – after all, still has a good rating credit. See if you call your bluff – odds are they will not, because they know that there are many lower rates available. This is a great way to save lots of money on interest of every month without having to open a new credit card.

3. Economy of New Credit Card

Of course, if your bank will not attend, finding another bank offering lower interest credit cards, opening an account with them. Remember, if you have been over 60 days late with one of payment, your credit report may be no mark on it in their old cards. Moreover, even if you have less stellar credit score, there a very good chance you can still find a lower rate than at present.

4. Using interest-free trials

When looking for a new credit card, look for one with a period of interest free path. Some offer a year or more without any interest on balance transfers and new purchases. If your new card offers the latter, use it to shop again – but make sure to save money to pay the balance before the trial period has ended, and use any money saved on debt interest payable pre-existing credit card.

5. Combine your credit card debt

Balance use transfers to move money from high interest accounts for a new credit card with zero interest test period. But be sure to check how much will the interest rate on the new card once the zero interest rate trial period has ended. Finally, make sure to always use any money saved on interest payments to pay and eventually pay their credit card debt. Do this religiously, and you'll be well on your way to a life free from debt!

About the Author:

Scott Russell is a writer, consultant, and editor of, where you can find information on credit card debt elimination, debt negotiation, and avoiding bankruptcy.

Article Source: ArticlesBase.comThe Top 5 Ways to Eliminate Credit Card Debt

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