Credit Debt Advice for a Debt-Free Future
Are your credit cards weighing heavy on your finances? Did you make a mistake by owning multiple credit cards and making indiscriminate purchases? Leave the past behind and look forward to a debt free life with some whys and hows of a credit debt relief program. Before looking at how you can get out of your debt, let’s check the major factors that drag you into credit card debt:
1. Ease of use: The first reason why one opts for credit cards? Credit cards give us ease of use — you need not carry much cash, can spend more than what you can actually afford and never have to curb desire for lack of cash. And above all it has become a fashion necessity. This is the reason why the average cardholder has 3.5 credit cards each.
2.Low interest rates drag you into the trap: Many credit card companies entice customers with low interest rates. Considering the fact that most credit cards come with higher interest rates, such low interest rate offers are sure to attract customers. But before you can enjoy the so-called benefits of such cards, you find yourself looking for credit card relief programs.
3. Online shopping: With the Internet becoming the fourth basic human necessity after food, water and shelter, online shopping has replaced many trips to stores. It starts with the fun of shopping while sitting at home and builds up into a dangerous habit. It’s dangerous because it’s so convenient — no physical effort is required, no hassles of driving to the market and a plethora of attractive things to buy just by entering your credit card digits. So it is very likely to become an addiction. Good credit debt advice would tell you to curtail such expenses, but sometimes it’s already too late before your pay heed to any such suggestions.
When all is said and done, ironically, while credit cards have become a necessity, credit card debt has become an epidemic. More and more card holders have their ears open to useful credit debt advice and are on the lookout for credit card relief programs. If you too have a share in the $886 billion credit card debt that plagues American citizens, here are five sure shot ways to be debt free:
1. Start today: Determine the total amount that you owe to credit card companies by sitting down and making an assessment of your finances. And once you do, you will realize that it’s no longer the time to sit back and ignore debt – it’s time to take control of your finances, and it’s time to begin today!
2. Save money, get extra income: A basic aspect of useful advice on credit card debt is to find additional money — through savings and extra income. When your finances are in the doldrums, you need to travel that extra mile before you can reach your goal of a debt free life. Work on the weekends, work part-time in the evenings, look out for online money-making opportunities, and get suggestions from your friends, colleagues and loved ones. You would surely not like to miss a fun-filled weekend or work on a great evening, but imagine what it can give to you – extra money and quicker debt repayment! And don’t spend that money — keep it aside to repay debts.
3. Budget: A budget is the most essential and fundamental part of any credit debt advice. A budget tells you how you are spending, where you can curtail the expenses, how much you actually need without fail every month and what the surplus is. You cannot do much about the fixed expenses, but when you evaluate your spending patterns for miscellaneous expenses you can surely find a way to curtail some of them.
4. Negotiate: Another vital part of a credit card relief program is talking to your creditors. Apprise them of your present financial crisis. Assure them you are willing to repay the debt. Try and negotiate for lower interest rates. You can also ask them to increase the period of repayment. This would ease the payments and reduce the pressure. Credit card companies will surely be willing to help their clients repay their debts by traditional means. They will be more than happy to get back what is owed them rather than to tag that amount as a bad debt.
5. Keep Moving: Even if you plan your debt management and start working on it, half way through you may feel that things are too tough and plan to give up. That’s when you need to remember:”It is the courage to continue that counts,” said Winston Churchill. Get motivated by the fact that a little effort now can lead you to your dream life of no debt. Keep yourself charged thinking about the repercussions if you do not make these efforts now — repossessions, a homeless future, bankruptcy, a negative credit score and all its long lasting negative effects. Isn’t it better to keep moving ? Every step is drawing you closer to a debt free life!
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