How To Beat Credit Card Debt!
Beat Credit Card Debt:
If you want to beat credit card debt, the first step is to acknowledge that you may actually be in trouble.
Credit card debt is the number one financial problem for most families today. However, no matter what your current situation is or how huge the debt, it is possible to beat credit card debt.
Credit Card Debt
Most people do not see their credit card debt as a loan, so they keep spending. Statistics show that we spend more than we make by about 10% each month and keep adding to our debt.
With our credit card debt growing, we find ourselves in a cash crunch at the end of each month. Ignoring it will not make the debts go away.
What is the best way to break free and beat credit card debt forever?
Dealing with credit card debt can be overwhelming at the start, but rest assured there are solutions that can help you get rid of your debt.
Paying your accounts on time as well as paying balances in full will eliminate credit card debt.
Spend less money so you can pay off your current debts while not accumulating more debt. Sounds simple doesn't it?
As hard as it may be to face, until your credit card debt is paid down to a manageable level, you will need to start living more frugally. It is nearly impossible to significantly lower your debt if you keep adding onto it each month.
We've made this process of eliminating credit card debt (and other debt) easier by developing a step by step action guide for you to follow. Your will find our complete debt action guide here.
Debt Handling Options
If you're struggling to pay off your credit cards, there are many different options that can help.
Home Equity loans offer very attractive interest rates, low payments - and the interest can be tax-deductible.
Since credit card companies have helped foster our acceptance of debt as part of our lifestyle, they also realize that you may have no choice but to declare bankruptcy if they do not help you. They may help by lowering your interest rates, making it easier for you to make payments. You have to ask.
You can pursue credit card consolidation or get credit counseling.
Reputable debt consolidation lenders can help. Consolidating debt provides realistic, manageable monthly payments that help you to maintain control over your financial future.
When you apply for a credit card debt consolidation loan, the lender will work with you to make the loan more manageable for your budget.
When you consolidate credit card debt and start paying lower monthly payments on your new loan, you may find yourself with more 'freed up' money each month. Although it may be tempting to go out and spend it (and/or more) this just creates more debt problems, Do Not Do It!
The best thing you can do is put that 'freed-up money' towards extra payments on your debt consolidation loan. This will beat credit card debt even faster. It is very important to realize the aim of debt consolidation is NOT to free up money so you can accumulate more debt!
With todays average household having 8 credit cards with over $8,300 in credit card debt, learning how to beat credit card debt is more important than ever.
If you are one of an estimated forty to fifty million people nationwide drowning in credit card debt, grab a good lifejacket! You can beat credit card debt with our step by step solutions here.
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It is easy to be generous with another mans money.
~ Danish Proverb
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