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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.
About the
author:
"@Copyrights 2005" - Bill A Smith is a debt consolidator for
Ameri debt consolidation services. Bill has over 10 years of
experience in providing debt consolidation, debt counseling and debt
management services to clients.
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