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Help Yourself - Eliminate Your Credit Card Debt!

Persistence and dedication - these are two key characteristics you need to eliminate your debt.

And while the above is true, there are many, many things you can do to totally eliminate your debt. If your debt looks insurmountable, you can contact us for a free consultation. If you feel, however, that you can live with the hard times that come with tightening your belt, consider some of these options:

Forget Minimums - Go Maximum
The minimum payment credit card companies usually require is a mere 2 to 3% of your total balance. As an example, on a $3000 credit card balance with a 2 percent minimum payment, you are required to pay only $60 toward that debt.

However, this payment usually covers very little of the total principal, and instead pays only finance charges. Budgeting to pay more than the monthly minimum payment will save you thousands of dollars over the long term, and lower your balance dramatically.

Cancel Your Cards - Now
If you are truly having difficult debt issues, sometimes killing the source of those issues can be the best thing to do. So, if you can do it, and your debt is not absolutely insurmountable, cancel ALL of your cards except one.

The sole card you have left should feature the lowest interest rate. Now that you've taken this step, make sure you don't use your final credit card unless you absolutely must.

Get Your Debts Organized
To really get rolling on your debt, gather all of your most recent credit card statements, sit down with a pencil and paper and write down the balance of each debt and the interest rate charged. Now that you have all your information together, create a budget that allows you to pay only the minimums on low interest cards, and as much as you can afford on the high-rate cards.

Once one high-rate card is paid off, cancel it, and start paying off the next card. It is a tough, long road, but for some people, it is the best way to eliminate their debt, particularly if the debt level is under $15000.

When the total minimum payments are more than you can afford, you are in a much deeper dilemma. We recommend you contact us today for a free debt consultation.

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