Controlling Credit Card Debt

by

 Imagine living with no unsecured debt, all cards paid in full. Millions of Americans pay off their cards in full every month, and you can do the same. You’ll need explore solutions and take on what could be the greatest challenge of your life, but you can conquer your credit card debt.

Try Looking for the Best Credit Cards Help Consolidate Your Credit Card Debt.

Need A Loan for Credit Card Debt? 98% Approval Rate! Click Here Now!

 

Counseling for Credit Card Debt

If you’ve missed a few payments, if you’ve lost sleep, if you’re making your payments but see yourself on a scary decline, consider getting credit counseling now. If your debt has become serious enough that you need credit services, you can expect that any reputable program will require counseling.

Many non-profits offer counseling, usually in the form of a free workshop for the community or paid online or face-to-face private sessions. A few hours of counseling combined with the discipline to take the advice can be life changing for you and your family. Experts have developed some best practices that can work to reduce what you owe and eventually return your balance to a comfortable level.

Get Credit Repair Help Today!

 

Self-help for Credit Card Debt

credit card debtAccess your situation – Take a serious look at all your credit card debt, your expenses, and your income. Honestly, face your situation and determine if you can regain control.

Increase income – After assessing your situation, it may be clear that your income is not sufficient to pay your monthly expenses and to pay off what you owe. Taking on additional part-time work may be necessary to have enough income to achieve your goal.

Trim discretionary spending – A reasonable strategy for nearly every American consumer is to trim discretionary spending. It sounds easy, but passing up that shopping trip or trading lunch out with colleagues for a bag lunch in the company cafeteria can take daily commitment.

Pay more than the minimum – Paying only the minimum each month can have you paying for over 20 years. You need to get cards paid off. Two popular strategies for paying off multiple credit card debt are snowball and avalanche. Financial guru Dave Ramsey promotes the snowball plan. With this strategy, you choose the smallest amount, pay it off, and keep the ball rolling and gathering energy until you’ve paid your credit card debt off completely. Under the avalanche strategy, you pay off the most expensive card first and work your way down to the smallest.

Establish good relationships with creditors – Establishing a good relationship means making at least the minimum payment on time each month. If you anticipate you could fall behind, give them a call before the due date. Communicate. Be open to their solutions and willing to sacrifice.

Negotiate a settlement – If you are a skilled negotiator, you may be able to work a settlement directly with your creditor rather than using a program with fees to negotiate for you. That will depend on the nature of your debt and your commitment to resolving it.

Borrow from / suspend contributions to 401(k) – Tapping into retirement funds is a controversial strategy. You do not want to use retirement funds to self-expand your line of credit. If there’s any possibility that at the end of two years, you will have blown through the money and still be in trouble, do not touch these funds. If the funds will help you fix the problem once and for all and then you can repay yourself, borrowing from yourself is arguably the cheapest strategy. If you borrow and don’t repay, you will face a penalty.

Have You Tried Renting to Own? New Programs Make It Easy!

 

Credit Card Debt Management Plan

A debt management plan is a program for credit card users who are in trouble but have money to pay most of their monthly bills. Some borrowers get in trouble because they often forget bills and get hit with interest and late fees. Under this plan, you send a single payment to your DMP. The DMP then disperses the money to creditors. Counseling is an integral part of the plan. A DMP is often able to negotiate for reduced interest rates. As with all third party plans, there are fees and risks. Look for a reputable organization.

 

Consolidate Credit Card Debt

Consolidation is a strategy in which a borrower takes out a lower interest loan to pay off high-interest cards or consolidate to one credit card. A second mortgage on a home or a loan against a car is common sources of equity. Again, since you are working through a third party, do your research and read the fine print. Make sure you have a fair plan with a reputable company.

Looking to consolidate debt and don’t quite have the credit? 98% approved! Good or Bad Credit!

 

Settlement

A settlement is seldom a good solution. It is risky and even dangerous. Ideally, a settlement company sets up a plan in which you pay a monthly lump sum to them. These companies take your money and allow it to collect in an escrow-type account. In the beginning, they do not use your money to make even minimum payments. They suggest that you stop paying your creditors to have money to send to them. When the escrow amount has sufficient funds, they begin contacting creditors, often those who are owed the least. Few borrowers can follow through on a settlement plan successfully. If you miss a payment, you may break the agreement, leading to the cancellation of agreements and an accumulation of high interest and fees. Settlements typically hurt credit ratings.

 

Bankruptcy

Two bankruptcy plans exist Chapter 13 and Chapter 7. Chapter 13 is for borrowers with a steady income. Under this plan, you can make arrangements to keep your mortgaged home and car. You follow a repayment plan. Under Chapter 7 all assets are liquidated. Bankruptcy stays on a credit report for ten years.

There is no quick fix. There is no plan or program that will deliver you from an accumulation of credit card debt. You will need an unwavering commitment to an excellent plan to get your finances under your control and to set your future free. The payoff is worth it, though: freedom from debt is a life goal that is well worth the time and effort it takes to achieve it.

 

 

Public Assistance Study
 According to a new public assistance study conducted by the University of Illinois and the University of California-Berkeley, a overwhelming majority of fast food worker's families are enrolled in one or more public assistance programs. These programs...
The FHA and Home Loans
 The Federal Housing Administration (FHA) insures mortgages on loans provided through FHA-approved lenders. Since its creation in 1934, the FHA has insured tens of millions of homes for families in the United States. These mortgage insurances protect...
The World of Federal Grants
Welcome To The Wonderful World Of Federal Grants Federal Grants - If you are planning to go to college or university but know that you would never be able to afford it on your own, or with the help of your family for that matter, one of the first places...
Natural Healing Options for Arthritis
Arthritis comes in various forms, but it's always painful. The typical medical approach is to take some sort of pain medication (usually non-steroidal anti-inflammatory drugs, or NASDs) that might result in various side effects, such as stomach pain....
Section 8 Vouchers Less Likely to be Accepted
 About 300 less, that is the number in Nashville, TN. Since 2010 there has been 300 fewer Section 8 vouchers accepted throughout the Greater Nashville Area. Families are being kicked out of their apartments and housing because the owners have just decided...
Modern Millionaires Mindset
Here’s A Modern Millionaire Rhetorical Question:   If you have a spare million dollars in your bank account today… How will you spend it? Pay off all your bills and loans? Buy your dream car? Dream house? Give your family a better life? Travel all over...
Tips for Insurance Discounts
Home insurance and automobile insurance might be must-haves, but it doesn’t have to cost you an arm and a leg to have the appropriate coverages. There are things you can do to get discounts on your homeowners insurance and automobile insurance. Here are...
Affordable Health Insurance
Is finding affordable health insurance as improbable as encountering a unicorn walking across your back lawn? It doesn't have to be. Here are seven steps you can take to lower your costs.   1. Understand your options to buying affordable health insurance...
Health Insurance Coverage Changes | ACHA
Healthcare reform tends to be tricky and complex as it attempts to find a common ground that is beneficial for all people. Burdened by the political firestorms that surround it, the new healthcare bill approved by the House of Representatives will...
Rent Assistance and Low Cost Housing
With todays economy fluctuating , many individuals and families are struggling to pay bills in a timely fashion, including their rent. The good news is that there are a variety of options available to anyone who is facing late fees, court dates or even...
Unpaid Wages Recovery Guide
Unpaid Wages Recovery Guide If you worked for it, then you should get it. Everyday can be a struggle and still come up on the short end of the stick. That is why you may be frustrated when you are not paid the money you are owed. Fortunately, there are many steps that...
Applying and Making Phone Calls to Potential Employers
Applying and Making Phone Calls to Potential Employers Applying to Places Not Hiring: A Wise Move or Not? Are you in desperate need of a job? If you are currently unemployed or if you truly think that your current job is making you “crazy,” you may be due for a new...
Coupon Tips That Can Save You Money
Everyone loves a great deal and your luck will get better when you find coupons for your favorite items. There are a lot of great locations to discover coupons these days, including the Internet, newspapers and flyers. These are tips and techniques on how...
Are Discount Stores Really A Bargain?
It seems like dollar stores and other various discount stores are becoming a common retailer in most areas. Can these discount stores really offer you a bargain or do they just sell poor quality items? In my opinion, there are plenty of great bargains to be found in...
Home Improvement Grants
 Is your home desperate for repairs? Are you at your financial limits, broke...flat broke? Have you ever wondered how it would feel to have the government help you be able to afford these critical repairs? Help is possible through new home improvement...
Run A Background Check When Applying for Jobs!
 Social media is everywhere in the air around us today. Hence it is natural for you to assume you can handpick and choose what you want your employees to see. Most people therefore imagine that once they clean up their Facebook wall and delete those...
Which Protection Is Best?
Keep Your Information Safe! Makes A Great Christmas Present! Credit card numbers are sacred these days. We’d never give them out to a stranger because credit card fraud and stolen identities are never more than one mistake away. But what if I told you that somebody...
Government Grants Exposed
You and I have heard it all before, the man with the funny jacket on late night TV telling us that the United States government gives out over 30 Billion dollars in grants every year. And if we want any of that for ourselves, all we have to do is send him...
Social Security Disability Assistance
 Social Security Disability Insurance pays benefits to you and certain members of your family if worked long enough and paid Social Security taxes. Supplemental Security Income pays benefits based on financial need. If you need help and personal guidance...
Should You Consolidate Student Loans?
Should You Consolidate Student Loans? In order to make it through the years of school, students take on a lot of debt from various loans. Sometimes, these loans come from private lenders with higher interest rates and fewer protection. Most loans, however, are funded...

Subscribe

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Name and Email for Best Results

Due to the overwhelming response, enter your email for best results. Look for your free ebook from New Flex Career about finding unclaimed money!

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

The More You Share. The More We Can Help!

Share these posts & pages with friends!