Search
Recommended Sites
Related Links






Valid XHTML 1.0 Transitional

Valid CSS!
   

Informative Articles

Debt Consolidation Part 2
These are a few Debt Consolidation facts that you should know about - Part 2 In part 1 I talked about debt consolidation and its pros and cons. In this article, I talked about different benefits of debt conslidation. *Reduce, and...

Effectively Managing Your Credit Card Debt
Credit cards can be a plus in emergencies and great to use to build your credit but when using them gets out of hand you could find yourself dodging collections agencies and even going to court to settle your debts. One way to avoid all this...

Federal Debt Consolidation Loans For Students
For American students, the U.S. Government came up with a plan that can help a student manage their student loan debt. The plan they came up with is called a Federal Direct Consolidation Loan. It does not matter if you are a recent graduate student,...

Secured business loans: before you take that big business leap
Business loans form a significant part of lending industry. With so many people applying for business loans, you must be wondering how many of them actually get them. The increase in amount of business loan every year shows the swelling...

What You Must Know About Debt Consolidation Loans? by www.consumercreditcounseling.net
The Debt Consolidation Loan graciously advertises their real offer of financial help to reduce your damaged credit. Occasionally some companies try to make consolidation loans come across as debt management services with promises of reducing your...

 
Bill Smith


The best strategy to erase credit card debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.
Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.
Make a count of minimum payment of all the credit cards in the list you just created.
Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.
Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.
Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.
Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.
In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.

Ameri debt services provides debt counseling, debt consolidation and debt management to customers. Visit us at http://www.ameridebtservices.com for free debt counseling tips, free debt consolidation articles and non profit debt management services.


Sign up for PayPal and start accepting credit card payments instantly.