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Get_Rid_Of_Your_Credit_Card_Debt_And_Start_Investing

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					Title:
Get Rid Of Your Credit Card Debt And Start Investing

Word Count:
499

Summary:
Eliminate credit card debt from your life, and you will eliminate a lot
of problems from your life. It is very easy to be trapped by credit card
debt; everybody loves that plastic. Getting out is a different story.
Yes, it is complicated, but it is not impossible. You may only need a
little help in doing so.

If you do not have too much credit card debt, the first thing you may
want to try to do is take advantage of zero interest rate offers. Pay
down your interest rate deb...


Keywords:
investing


Article Body:
Eliminate credit card debt from your life, and you will eliminate a lot
of problems from your life. It is very easy to be trapped by credit card
debt; everybody loves that plastic. Getting out is a different story.
Yes, it is complicated, but it is not impossible. You may only need a
little help in doing so.

If you do not have too much credit card debt, the first thing you may
want to try to do is take advantage of zero interest rate offers. Pay
down your interest rate debt and put the balance on a zero rate card,
then start to pay off the principal. This will work if you have good
credit, since the credit card companies will make you this offer. Just
remember that this is an introductory offer, usually for about six to
twelve months; if you make large payments on this card, you will be able
to pay the whole loan off during this period and be done with credit card
debt altogether. If your credit card debts are large, this solution will
not work, since you will not be able to make large enough payments to pay
the debt off before the end of the introductory period.

The solution if you have high credit card debts is to use is either a
home equity credit line, or obtain the services of a credit counseling
company. You will choose a home equity line of credit if your credit card
balance is very high and you are paying high interest rates on those
balances. By using your home as the collateral for a loan, you will
obtain an interest rate which is much more favorable than the high credit
card interest rates. You then pay off the balances on your credit cards
and just pay the mortgage bank for your equity loan. The other option to
consider is the services of a credit counseling firm or a credit
elimination firm. The role of a credit counseling firm is to negotiate
with your creditors to lower your monthly payments to make them
affordable for you. The first thing they will try to do is get the
interest rates lowered so that you are paying off part of the principal
each month, instead of just paying interest. A credit elimination service
should really be considered as a last ditch effort if you consider your
debt an extreme case. These companies will try to negotiate lower
balances on your debt, so you don't have to pay off as much and you can
get out from under. However, since the credit card companies are not
getting all of their money, you will not be considered a good risk for
the future.

So you see you can get rid of your credit card debt. It may take some
research, a measure of determination and a lot of phone calls, but it is
much better than being drowned in those bills each month because you only
pay the minimum.

				
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posted:3/24/2012
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