gold dollar signSTEP 4: Credit Card Debt Relief
Action 2: Eliminate The Annual Fee

Make every effort to eliminate the annual fee charged by the card companies is the next step in your credit card debt relief plan.
Credit card companies often charge fees for the "privilege" of having their cards.

Card companies often issue cards that seem to offer wonderful benefits. Travel incentives, a connection to your favorite organization, or the ability to collect points and put them towards something you want to buy. The reality is that we are paying for those benefits, often in the form of credit card fees.

Credit card fees can reach as high as $2000 or more, but the average is between $35 to $100 per year. In 1995, credit card fee revenues were $8.3 billion. In 2003 that figure grew to $24 billion in late fees, over-limit fees, activation fees, and yearly fees.

If your credit card company charges annual fees, call them to see if they will waive them. If you are a customer in good standing, companies will often waive the fees for regular cards with no special features or offers. For cards with frequent flyer programs or other rebate offer systems, it can be more difficult to have the credit card fees waived.

Give it a try. If your card company charges you a $100 a year fee, that money is much better in your pocket as part of your credit card debt relief than as part of your debt.

Look for more credit card debt relief ideas here, with our credit card late payment strategies. (No annual fee is charged!)   

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To achieve financial freedom, ideas such as: listening to good advice, learning how to make a budget, understanding credit repair possibilities, avoiding the scams, and generally becoming more knowledgeable of the credit card business, can all play a role in eliminating credit card and other debt. There is A smarter way to manage your money.

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