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In Debt With Credit Cards

Posted by on December 8, 2011 No comments

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About What Order Should I Pay Off My Credit Cards
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Eliminate Credit Card Debt Easily & Successfully

Posted by on May 4, 2011 No comments
Get your credit card debt paid off before it takes over your financial health. 

The first step is to be true and honest with yourself about your debt and how much you have. If you are purchasing more than what you are making, then you need to stop. Do not add anymore to your debt. Cash needs to be used rather than credit cards. If you do not have the cash for your purchase then do not buy it.

The next step is to start paying off the credit cards. Start by paying off the card with the highest interest rate first. Each month pay the minimum on all the cards except that one.

Pay that one credit card’s minimum plus any additional amount that you can. When you finish paying off that highest interest rate card, then move on to the next highest interest rate.

Keep doing this until you have paid them all off one at a time. This will take some time and commitment but it can and will be done.

One other step you can take is lowering the interest rate on your current credit cards. Many times all it takes is a phone call to the creditor and the rate will be lowered just by asking.

You can also try to transfer balances from one card with a high interest rate to one with a lower or zero interest rate. This will save you money all around.

If you are honest with yourself, set a budget and make a commitment to paying off your credit card debt, it can easily and successfully be done.

How to Eliminate Credit Card Debt Legally

Posted by on July 1, 2009 No comments
Want to know how to eliminate credit card debt legally? Easy. 

Pay off the balance.
OK. All joking aside, I think it’s pretty obvious how to eliminate this debt legally. But when you involve multiple cards, different balances, and various interest rates, it can get a little confusing on what approach to take. We recommend these steps:

1. Do not close any credit card accounts!
Closing your credit card accounts can hurt your fico score…and quite dramatically. When you close an account, you lose all the credit history behind that card. No credit history is only slightly better than bad credit history.

Keep all major credit card accounts open so you can rebuild your credit. However, an exception to the rule is to close all retail account cards (i.e. Best Buy, Victoria Secret, Sears, etc.). This will actually help your credit.

2. Cut up all cards but two credit cards.
Ensure that the two cards you have intact are major credit cards (i.e. American Express, Visa, MasterCard, Discover, etc.) From now on, all future charges are to be made only on these two cards. Every month, pay off the monthly activity on your primary cards in addition to the minimum monthly payment. This gets you into the good habit of paying off the monthly activity.

Which cards you choose for your primary charges is up to you. You can base it on interest rate, rewards, vendor acceptance, or any other factors.

Now, if you cut your other cards, be sure to have the account information on hand somewhere else. (You really don’t have to cut them up…unless it just makes you feel better.)

3. Focus on the card with the highest minimum monthly payment.
Dave Ramsey says focus on the card with the lowest balance and pay it off first. Others say to focus on the card with the highest interest rate.

But remember, the name of the game is cashflow. So, I suggest focusing on the card that has the highest minimum monthly payment. I think it’s best to put your attention on the card that is affecting you the most in your monthly cashflow. Get rid of the liability that’s taking the most money from your pocket.

4. Find $100-$200.
Now, I don’t mean go look for loose change in your couch. Find $100-$200 in your budget (or adjust your budget to make it available) and put it towards the card with the highest minimum monthly payment found in step 3. This is to accelerate paying off this credit card. But don’t forget about the other cards. Continue paying just the minimum balance on them.

Of course, if you can always put more towards the payment. The more the better.

5. Lather, rinse, repeat.
Once you have paid off the card with the highest minimum monthly payment, you’ve just learned how to eliminate credit card debt legally.

Now, move onto the next card that has the highest minimum monthly payment. To that card’s payment, add the amount that you were paying on the previous card. Repeat this process each time a card is paid off. This is often referred to as the snowball technique.

6. Pat yourself on the back.
Be patient for this can be a long process. Celebrate each time you accomplish paying off a credit card. Whether it be a pat on the back or a nice dinner, congratulate yourself because working to eliminate credit card debt legally isn’t easy.

Remember, once you’re done, do not close any credit card accounts!

Part of developing your millionaire mindset is taking accountability. If you got yourself into consumer debt, you should be the one to work to get yourself out.

Believe you are able to do it. Once it happens, you have developed the discipline, focus, and energy to achieve greater goals. How about financial freedom?

Eliminate Credit Card Debt in 30 Days

Posted by on February 23, 2009 No comments
Are you one who has overloaded the dinghy with credit card debt, but really don’t remember what you purchased? You are not alone. Most of us have been in the same boat, but managed to grab a life raft before going under. The debt mounts up quickly and the sooner you get relief, the easier it will be to plant your feet on solid ground.

Many small business owners and individuals try to get help in reducing their obligation by using debt consolidation companies. Some can be helpful to you, while others you are better off without. Here are some solutions you can do on your own, before you seek outside help.

1. Recognize the problem by putting together all your credit card info together on a spreadsheet. Use the bank or account name, date account opened, credit limit, current balance, payment due date, minimum monthly payment and interest rate. In order to reduce the burden, you need to know what you owe. There is a psychological advantage when you have all the credit card debt statistics in front of you, particularly if you add up all the interest paid on those accounts.

2. Do not use your highest interest rate cards at all, pay those down first. The average balance varies by demographic, but the average interest rate for credit cards is upwards of 13%. Determine your average for all the accounts on the spreadsheet. For example, if the average is 12.5% than anything above that rate is a priority and should be paid off first.

3. Start with the lowest interest rate credit card and call their customer service and tell them politely that you’ve been a customer for x number of years and you want to be able to reduce your interest rate. Ask if there is anything available at a better rate. You’ll be surprised at how they respond to your request. The reason you start with the lowest rate first is to become familiar with the process before you go to the highest. Negotiating credit card debt is painless. The issuing companies would rather work with you than run into problems later on down the road.

4. There is an easy way to consolidate credit card debt by using your lowest interest rate card. If your available credit is not enough to consolidate every account then ask the customer service agent to increase your limit. The next step is to do a balance transfer from the high to the low card.

5. A good solution to paying off the high interest balance is to apply for a new credit card with a low introductory rate. The offers usually come in the mail but some are advertised online. The low rate or sometimes 0% interest rate, is usually good for at least six months. Transfer that high interest rate balance to the new card. But remember, only do this once. Too many new accounts will reduce your FICO SCORE.

6. The better way to reduce the balances is to get a debt consolidation loan from your bank. Just make sure that the interest rate is lower than the average on your credit cards.

7. The best way to eliminate credit card debt is using a home equity line of credit and pay off all your charges at once. The interest rate is generally much lower, usually a point or two above your mortgage. There are also tax benefits involved for the homeowner. By using this method the monthly payments will be less, but if you keep the payments the same as before, the principle will be retired in a shorter time frame. You will be out of credit card debt by your next billing cycle.

The most important thing to do when you begin to eliminate credit card debt altogether is not to go back to the same habits of charging everything on your credit cards – no matter how good the rewards seem.

The permanent solution to is to use a debit card from your bank and only spend the money that you actually have in your account. Save your credit for the day that you’ll really need it.