Eliminate_Credit_Card_Debt_Legally_-_Strategies_For_Paying_Off_Credit_Cards by hashournonos

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Eliminate Credit Card Debt Legally - Strategies For Paying Off Credit Cards


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356


Summary:
Eliminating credit card debt legally will free up funds in your monthly budget. It will also improve your
credit score so you can qualify for better rates on future purchases, such as a car or home. To start getting
your credit cards under control, lower your interest rates. Then develop a payment strategy. If you need
some outside discipline, turn to a debt management company.


Start Lowering Your Interest Rates


High interest rates make it nearly impossible to get a han...



Keywords:
credit card debt, debt management, debt consolidation



Article Body:
Eliminating credit card debt legally will free up funds in your monthly budget. It will also improve your
credit score so you can qualify for better rates on future purchases, such as a car or home. To start getting
your credit cards under control, lower your interest rates. Then develop a payment strategy. If you need
some outside discipline, turn to a debt management company.


Start Lowering Your Interest Rates


High interest rates make it nearly impossible to get a handle on large credit card balances. But by lowering
your interest rates, you can increase your payment on those cards’ balances without increasing your overall
payment.


The two most common ways to reduce your rates are to open a new credit card or consolidate with a loan.
Transferring balances to an introductory low or no rate card is a no cost solution. Consolidating bills with a
home equity or personal loan provide long term low rates with some closing costs involved.


Develop A Payment Plan


Once you get your interest rates under control, develop a payment plan to get out of debt. One course is to
make extra payments on the lowest balance. Then when it is paid off, use those extra funds to pay off the
next lowest balance.


The other option is to make extra payments on the highest interest account. Even though it may take longer
to close out an account, you will see a long term savings in your interest costs.


Get Help Before It’s Too Late


Before you start thinking about bankruptcy, look at a debt management company to help you deal with your
debt. For a small fee, they will pay your bills, lower your rates, and structure a debt elimination plan. While
your credit score may temporarily decrease, debt management is better than a credit report with a
bankruptcy or foreclosure.


Evaluate all of your options before settling on a credit card payment plan. The greatest savings are often
found with the do-it-yourself approach of debt consolidation and budgeting. However, debt management
companies provide a valuable service to those who need more structure to get out of debt.




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