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Cut credit card debit?
Most Americans have too much credit card debt.
Duh, we've all heard that before, right? Only now its gotten a bit
personal... right again? You personally have too much credit card debt and
its about to drive you crazy.
Well there IS hope so don't file those bankruptcy papers just yet. One
major thing you have to keep in mind is your creditor is probably very
willing to work with you. Its in their best interest to have you making
some payment versus no payment. So here are a couple points to help you
deal with your credit card debt.
The first thing you have to do is simply contact your creditor and let
them know your situation. Ask for a lower interest rate or a repayment
plan. You might not have thought of it because you're just naturally so
polite but its a very good strategy to be courteous at all times when
negotiating with your creditor. Polite, but firm. Come across as one who
knows what you're asking for and expect to get it. If you're not sure what
you're asking for in the first place you might consider a reputable credit
counseling service. There's a lot of great, honest organizations out there
whose mission is to help you work things out with your creditors.
Next you've GOT to stop using your cards. Cut them up, freeze them in a
tub of water, whatever you need to do to get them out of your wallet or
purse, do it! You simply can't keep adding to the problem by running the
debt up any higher. This is actually one of the hardest parts of cutting
your credit card debt. Its like you're addicted to spending money you
don't have. So go cold turkey and drop the habit.
Start paying the ones with the highest interest rate first and work from
there. How do you do that? Concentrate on those high interest rate cards
by paying more than the minimum balance each month. The minimum is just
designed to keep you on the hook longer anyway. The credit card companies
are in this business to make a profit and want to have you paying them for
years to come. Even a little extra each month makes a big difference in
the long run.
Lastly, keep your chin up and have a good attitude. Millions of folks just
like you have begun to cut their credit card debt by following the common
sense steps outlined above. You can do it too. Good luck.
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