The problem of the national credit card debt, enthusiastically encouraged by the credit card companies, has exploded into a complete disaster out of control. After adding the happy all the tariff rate could – for late payment, pre-payment of fees, over limit fees, and so on – Are suddenly surprised and shocked that the credit card holders were behind on their payments.
As a matter of fact, the credit card companies, apparently so surprised by this situation he was charged with more than 5% of its debt – billions of dollars – last December. Now, it seems, are finally the bitter taste of their own medicine as they begin to violate its own debt obligations and seek help from policy makers.
Unfortunately, if it feels good to see that these companies suffer a little, it does not help the millions of credit cardholders who have spread themselves and are struggling to pay their credit card bills. Therefore, if you are debt credit card, what should I go?
The first thing to do is face the music and take stock of their current status of credit card debt. Take all your statements from credit card placed on the table. In a piece of paper or a spreadsheet, enter the account name, phone number of the account and the total amount owed to the credit card. After adding all amounts. This is the total credit card debt. If you're like many people, the number may surprise you. But at least now your conscious mind has been forced to take note of debt, you can begin the process of putting together a plan to pay.
In his paper, next to each account name and the amount of dollars, a record the annual interest rate, followed by the minimum monthly payment. Call each credit card company and try to negotiate a lower payment rate of interest. If you has great credit, this will probably not be a problem. If you have so-so credit, but have been relatively consistent in your payments, you may be able to obtain a better rate too. If you have bad credit, can not offer a better deal, but it does not hurt to try anyway. In his paper, replace the interest rate of age with any kind of new to be able to negotiate.
Now, you're going to hit the phone again. However, first order account names, from top to bottom, by the annual interest rate card with lower interest rates at the top. Then continue down the list, call each credit card company and determine whether it can transfer the balance from another credit card to them – and, of course, you want to keep interest rates low. If you allow the transfer, transfer as many dollars you can from the bottom of the card your list. Continue through the list, call each credit card company, until they are reassigned, their credit card debt in the accounts work best for you.
Finally, start paying off the debt. Re-order in which again from top to bottom, but such time as the cards with the highest interest rate is at the top. Every month you pay your credit card bills, pay the minimum monthly amount of each card except the first. In the letter one – pay more. Pay for everything possible and continue to do so each month until paid debt. Then go to the second card, the third letter, etc. – and do the same. Finally, if you stay in it, and if you can manage to keep adding a new debt in credit card debt will magically disappear.
About the Author:
Susanna Berlatsky is webmaster and owner of http://www.cardcreditdebtsettlement.com. On her site you’ll find related articles about the average credit card debt 2008 and other credit card debt related topics.