How_to_Eliminate_Credit_Card_Debt

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					How to Eliminate Credit Card Debt

Word Count:
565

Summary:
Each year more and more people find themselves drowning in a pool of
credit card debt. While it is comforting to some degree to be able to
take solace in the fact that you’re not alone, most people would also
prefer being able to eliminate the credit card debt all together.


Keywords:
credit, cards, introductory, debt, owe, money, cash, cost, charges,
payments, interest


Article Body:
Each year more and more people find themselves drowning in a pool of
credit card debt. While it is comforting to some degree to be able to
take solace in the fact that you’re not alone, most people would also
prefer being able to eliminate the credit card debt all together. While
it can seem almost impossible to pay down credit card debt once you have
attained it, the good news is that there are in fact ways to make it
quite possible to pay off your credit card debt and enjoy the freedom it
affords you.

First, it is important to understand that you absolutely must have a plan
for paying off your credit card debt. Worrying about it won’t help you
get out of debt any faster. You must put pen to paper and develop a plan
for paying it off. The first step you must take in developing such a plan
is by analyzing your existing budget to determine where you can use
additional money to pay down the debt. Look at luxury cost areas that you
can cut out and use those funds to pay on your credit card. Consider
options like packing your lunch at home instead of eating out, cutting
down on the number of coffees you purchase each week, etc. Once you start
thinking about it, you may be surprised at the amount of money you can
come up with to put toward your credit card debt.

Second, it is extremely important to understand that you will never get
out of debt by paying only the monthly minimum. At that rate, you’ll be
lucky if you have it paid off by the time you retire. You must take
aggressive action and start at least doubling your payments in order to
make a dent in your debt.

If you have more than one credit card, take a look at which cards have
the highest interest rates. The card or cards with the highest interest
rates should receive your first attention. In the event that you can’t
afford to pay more than the minimum amount on all of your cards, focus on
the card(s) with the highest interest rate first. When those are paid off
you can then take that money and apply it to the other cards. Slowly, but
surely you will pay them off.
It can also be helpful to look at the ways in which you can reduce the
interest rates on your cards. One way to do this would be to simply call
up your credit card companies and request a lower rate. Of course, they
don’t have to grant the lower rate to you but if you point out that
you’ll take your business elsewhere if they don’t, they might quickly
change their tune. Transferring balances to a lower interest rate card
can also be helpful as long as you close the original account so you are
not tempted to run it back up again.

By following these strategies and remaining dedicated to paying off your
credit cards, you’ll have the debt eliminated before you know it. Just
remember that while it may seem as though it is taking forever and you
may be tempted to quit, following these strategies will help you
eliminate your debt far sooner than just letting things go as they are.

				
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