Credit Card Debt Free - Fastest and Easiest Ways To Become Credit Card Debt Free!

“Credit Card Debt Free!”

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“Credit Card Debt Free!�

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Table of Contents Lies, Lies, Lies - How They Trick You Into Amassing Credit Card Debt? .................... 4

How to (And How Not To) Get Rid of Credit Card Debt .......................................... 6

Credit Card Debt Management Consolidation - What You Need to Know First ..... 10

7 Steps to Reduce Credit Card Debt ..................................................................... 12

4 Easy Steps To Credit Card Debt Relief ............................................................... 14

Lies, Lies, Lies - How They Trick You Into Amassing Credit Card Debt?

Credit Card Debt Lie #1 You Can't Live Without Credit Cards The reality is if you are depending on credit cards to fill the gap in your pay or take care of emergencies, you are waltzing right into the credit card debt trap.

You may feel that you can't live without credit cards but the truth is, you can. It may take a major shift in your spending and saving habits, but you can do it.

Most people don't know that credit card debt is the number one factor that leads to debt trouble. That is until their plastic money runs out and their massive debt load starts to resemble Mount Everest.

Credit Card Debt Lie #2 You Need Credit Cards For Emergencies One of the greatest debt accumulation lies ever told is the one about credit cards being great for emergencies. Time and time again, credit card holders convince themselves to apply for a credit car for emergency purposes only.

But what they don't do is properly define what an emergency is. Is it a one in a lifetime sale on a Flat Panel TV? Is it a buy a sofa, and get the loveseat for free deal? As it happens, the majority of individuals start using their plastic money for the basic necessities of life: grocery shopping, paying bills, gasoline, ordering products online, entertainment, etc. You know the rest of the story; eventually they amass thousands of dollars in credit card debt they cannot afford. Now they are having a true emergency, how do they pay those bills before the debt collectors start calling?

Credit Card Debt Lie #3 No Money Right Now? No Problem! Just Charge It! When the "get it today, pay tomorrow," ads first appeared on the scene, the average consumer didn't see this economic Tsunami rapidly heading their way. The ads touted some pretty tempting benefits. You could extend your buying power by 30 days or more, get 0% interest and receive credit card rebates with every purchase. The best one of all is the one were there's no payment for 12 to 24 months! Like lambs to the slaughter, people bought rooms full of furniture on credit and charged thousands of dollars in purchases to zero percent credit cards. The thinking was, when tomorrow came, they'd be in much better financial shape. By the time tomorrow came, their credit card debt was totally unmanageable. There was simply not enough income to pay all of the minimum monthly payments and take care of their households.

That's when they realized what a massive mistake they made in believing that lie.

Credit Card Debt Lie #4 You Need Credit Cards To Have a Good Credit Score Smart consumers realize that the credit and finance industries worked together to create what we now know as the credit scoring system. What they may not know is this is a perfect example of social engineering. Unbeknownst to the average consumer, this system was engineered to steer consumers into accumulating debt. Have you ever read some of the credit score printouts? Did you notice how they suggest certain actions to improve your credit score? Actions such as: 1. Request a credit line increase 2. Never close unused credit cards 3. Never leave any credit card unused for a long period of time, and 4. To increase your credit score, open one or two more accounts.

Each of these actions requires a person to take on more debt, (whether short term or long term) in order to increase/improve their credit score. The only ones who win when consumers increase their debt load are the credit card companies and those involved in the debt industry.

Credit Card Debt Lie #5 We Have Great Payment Plans It shouldn't take a mathematical PhD to figure out that there is no such thing as a great payment plan. In the final analysis, credit card debt is extremely costly. For example, let's say that you ring up a balance of $5000.00 at 14% APR. If you were only making the minimum payment of 2%, it would take you approximately 22 years and $5,887.00 in interest payments to pay off this debt.

That means you would have paid more than double for the items you bought.

The credit card companies love it! You literally work for them, for the next 22 years of your life. When it comes to credit cards, don't believe the lie, there is no such thing as a great payment plan.

Credit Card Debt Lie #6 Every Time You Use Our Credit Card You'll Earn Points!

This is another slick tactic credit card companies use to bait people into accumulating credit card debt. It starts off innocent enough. To get points, a

person starts charging little bitty things such as breakfast and lunch at fast food restaurants, gasoline, trips the store and other little nick-knacks.

These are things they should be paying with cash. The next thing they know, those $4.00, $6.00, $10.00 and $20.00 charges have added up into the thousands. It happens so fast most people never realize what's happening.

Yes, they got the points, but they also accumulated more debt in the process.

If you have fallen for any of these credit card debt accumulation lies and realize what a monumental mistake you've made, congratulations! You are now on your way to breaking free from the all-consuming debt trap.

How to (And How Not To) Get Rid of Credit Card Debt Now more than ever, the problems with massive credit card debt are coming to the fore front of our national culture. Against a background of dropping real estate values, unemployment reaching 1970s levels, and Wall Street in utter confusion, the steady accumulation of consumer debt by the whole of American citizens has become a drain upon the American economy and an utter weight dragging down the personal finances of almost every one of our countrymen. Households are now so utterly dependent upon credit cards for even the simplest of purchases that destructive buying habits have transformed our economy and negative spending is the order of the day.

Furthermore, consumers have grown so used to dealing with their debt as a constant - credit cards somewhere between death and taxes on the list of modern inevitabilities - that they often can't see any way out of their predicaments. In this article, we would like to merely offer a few suggestions for the harried borrower on how to best begin the process of debt management with an eye to erasing their credit card balances once and for all.

The first step, as with any emergency, should be the most obvious - do not panic. There's reason enough to be concerned, of course, especially for those households who have already fallen into serious trouble with their financial obligations. It is understandable that borrowers who've begun taking out cash advances to pay down their other cards (and sometimes missing payments even then) must wonder helplessly what can be done. The very nature of credit cards, with credit now so very available despite lowered FICO scores and additional accounts regularly being offered even after other cards have been maxed, plays to shoppers worst instincts, and, almost before they're aware, individuals and families can find themselves holding debt burdens than even their grandchildren might be held accountable for should debt spending continue unabated. However, breaking the chain of credit card debt is far easier than you might think. Once again, though, this sort of lasting debt relief requires a steady hand and reasoned deliberation regardless of the pressures you and your household may face.

The greatest immediate stress, of course, comes from the incessant harassment of debt collectors ringing the phone hourly to demand full

repayment of delinquent bills (no matter how clearly unlikely such a scenario would be). For particularly unlucky borrowers, the collection agencies call so frequently and send so many threatening notices that the debtors just take the phone off the hook and throw their mail directly away. This is the wrong approach. This is nothing more than a weak surrender to the forces of credit card debt. Legislation has been passed in recent years giving delinquent borrowers far more leverage when dealing with unscrupulous bill collectors no matter how much the borrowers may owe. When a debt collection agency rings your phone, do answer and, with businesslike grace, explain that you are dealing with your situation and shall soon set up a payment plan, but, until things have firmly been organized, you would appreciate an end to the telephone harassment. Speak with a manager if necessary. Merely by informing the collection agent that you do not wish to receive calls, they are bound by law to refrain from any further contact. Furthermore, take down their information and send a letter - while keeping a copy for your own records reiterating that you want an end to all correspondence. If they continue to bother you at home (or, even better for these purposes, at work), then you could take the collectors themselves to court!

Of course, just because you successfully ended the phone calls does not mean the creditors will suddenly forget about the debts you still owe. The next thing to do would be to call customer service for every single one of your debts - even the ones still in good standing - and request to talk with a representative one step up the corporate ladder who may be able to assist you in your plans for debt relief. Credit card companies do not want to lose a customer, as you may imagine, and they certainly want to know that their clients still intend on paying back their existing debts. To that end, a majority of the lenders will actively help lower interest rates (often by as much as thirty percent) temporarily, waive some of the over limit or past due fees and charges that may have accumulated over the years, and, almost certainly, work out a more favorable payment schedule once they truly believe you are in the process of straightening out your finances. If payments were late or unpaid because of a genuine calamity - be it unexpected unemployment or a family tragedy or even sickness and hospitalization - they will certainly be more willing to bend the corporate rules and may even overlook the missed payment: not that they'll forgive the money but they sometimes will forget to send evidence of such to the three credit bureaus that effectively determine your FICO scores and credit ratings. Remember, the absolute worst thing for the lenders would be a declaration of Chapter 7 bankruptcy (though, as we'll later discuss, this threat holds less and less water) or a simple abandonment of payments altogether that would force the credit card companies to discharge the loans for tax break purposes. Both options are fairly ruinous to the borrower, but they yet happen often enough that the credit card conglomerates will do whatever it takes to prevent any chance of such occurring.

The borrowers themselves however should avoid any possibility of actual loan default. While the companies themselves may be able to land hefty tax exemptions for their presumed losses, they still maintain legal proprietorship for the debts and could put a lien on the debtor or take them to the courts at

any time. Similarly, bankruptcy protection, much as it is regularly portrayed in the media as the answer to a desperate borrower's prayers, has been severely neutered by recent changes to the United States bankruptcy code and no longer offers any guarantee for those debtors still gainfully employed.

Using something called the means test provided by the Internal Revenue Service, the courts now send most debtors seeking Chapter 7 debt elimination bankruptcy protection into the debt restructuring program of Chapter 13. This is essentially a debt management program as overseen by the less than understanding guidance of the federal government and one that, though credit cards will be paid by penalty of law, seems hardly worth the expense of bankruptcy attorneys. With both, the effects upon FICO scores and credit ratings cannot be overestimated. By declaring bankruptcy or defaulting upon a loan, you not only are giving up credit opportunities now, you are giving up access to homes, vehicles, even, these days, employment potential for nearly a decade of your life. Credit card debt must be dealt with, but there are better solutions available.

Different, but similarly worrisome concerns, should be raised about the debt consolidation alternatives thrown around so often these days. Most of these options are only available to homeowners whether through refinancing the first mortgage or taking out a second mortgage at considerably higher interest rates (though they should still be well below what would be offered by credit cards), and there's two problems that all homeowners should think about. The first one's more conceptual in nature. Although credit card debts would largely be assimilated into the home equity from these sort of loans, leaving the original accounts open and untouched, this does nothing to change the spending behaviors that led to these problems in the first place, and too many borrowers faced with suddenly open cards revert to their old habits and buy as recklessly as they did before. Indeed, with terms unnaturally extended to twenty or thirty years, they may barely notice the equity loan payments though they'll end up paying for several times the original balance before everything is all said and done. More worryingly, with the economy in such dire straits and property values continuing to drop, maintaining equity should be a priority for every homeowner. After all, the average American's greatest investment is their primary residence, and they need to make sure that equity exists in case of some eventual troubles later on. If the real estate market continues to falter (based upon larger financial troubles spurred, ironically, by the failure of so many sub prime mortgage lenders), many borrowers could find themselves with negative equity just when they need it the most.

There are other options that should be avoided. Consumer Credit Counseling companies have also become increasingly popular as Americans struggle with credit card debts. You're probably familiar with the more basic outline of their programs: debt professionals work with clients on a specific strategy for reduction of unsecured debt (credit cards, almost always) and, afterwards, they contact the creditor representatives on their clients' behalf to argue for lower interest rates and, when possible, a waiver of past fees. Not only are their vaunted services almost exactly what borrowers could do themselves without the high priced 'advice' (the Consumer Credit Counseling charges are ridiculously extravagant considering their limited results) but, often as not, the

CCC industry also asks the creditors themselves for remuneration simply for keeping their clients away from Chapter 7 bankruptcy. Add to all of that the dangers regarding credit scores, since CCC assistance is recorded on credit reports and viewed almost as poorly as bankruptcy protection by debt analysts, and we would have to suggest all but the laziest debtors find another route toward debt elimination.

Debt Settlement, on the other hand, though the program seems superficially rather akin to the Consumer Credit Counseling approach, has actually a unique tactic that's quickly winning converts given our current struggles. As with home equity loans, Debt Settlement firms will consolidate your debts at a lower rate but also insist upon a repayment schedule of no more than five years. Like Consumer Credit Counseling companies, they will sit down with their clients in order to find a debt elimination program that best fits the clients' individual needs, but, without taking any monies from their opponent, they successfully negotiate an overall reduction of the credit card balances that (depending upon the situation) can hit up to sixty percent! This, obviously, is something the average debtor can not hope to accomplish on his or her own.

It takes not only the arbitrating skills and industry experience of the Debt Settlement counselor but also an assurance that each lender will give up no more than the others - a neat runaround of corporate greed only possibly from the initial consolidation provided by the Debt Settlement company. There are costs to this, as there are for any financial proceedings, but, unlike as with bankruptcy attorneys or CCC salesmen, most Debt Settlement consultations are free of charge.

Still and all, this is about what each household can do to better their own situation. For any potential debt management process, questions must be asked, and, above all else, certain destructive habits must be abolished. Stop using your credit cards! Cut back whenever necessary! Take out a second job! Hold a yard sale or sell on line things purchased that you do not absolutely need! Make sure that you have the money available to actually pay back the debts you have already accrued! And, this may be the most important lesson, put in the time to calculate a family budget and stick to it.

Credit card debts, by and large, grow because of household spending that has been unchecked for years, and, without a decided change of heart, those debts will only return once the credit card balances have been eliminated.

This is not merely a temporary problem to be forgotten about along with the bills. Credit card debts are the sign of a larger cancer eating away at the American economy - a lax approach to spending and a willful avoidance of the troubles at hand - and, the harder it may seem to scrimp and work your way out of the credit card debt hole, the better it may be in the long run.

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Credit Card Debt Management Consolidation - What You Need to Know First What does 'credit card debt management consolidation' really imply? I'm going to reveal to you what you need to know about this delicate process of eliminating debt effectively. This information will save you a lot of headache and help you avoid the pitfalls that come with not understanding the process.

Credit card debt consolidation is a phrase commonly used nowadays which you must have come across a couple of times. A quick search online would easily reveal to you hundreds of websites offering advice and information about credit card debt consolidation.

Even your popular newspapers and TV stations many times write and talk about this highly important issue. The newspapers would have articles containing advice and tips on the subject matter. TV stations would parade experts with information and knowledge on the matter.

Moreover you could easily find many consultants offering information about debt reduction, debt consolidation or debt elimination when you carry out a search online or offline.

Why is everyone talking about it? What is it really all about? Why must you know about it? How can this help you get out of your credit card debt?

Credit card debt consolidation simply means consolidation (merging) of your debt on different credit cards into a single or a couple of credit cards. This means that you basically move from a higher APR credit to a lower APR one.

Why is this done you might wonder? This is due to the vicious circle of credit card debts many people have taken upon themselves. It helps stop this continuous increase in card debt. Your credit card debt actually grows in two major ways: Firstly, it grows due to the addition of fresh spends on your card It also grows due to the increase in interest charges to the money you have already spent or interest on the debt itself From the information above, you will notice that your debt grows from the use of your card and also from the interest on that card. The interest charges are calculated on the APR or interest rate applicable to your type of credit card.

What this simply means is that having a lower APR rate means that your credit card debt would effectively grow at a slower tempo. This means that having or switching to a credit card with a lower APR would be much better.

This unique style or process of credit card consolidation is also referred to as a balance transfer process. It means transferring the balance or the debt from one credit card to another card. This form of debt transfer is often suggested by credit card suppliers.

They make it very attractive to people by attaching several benefits to them.

The basic thought behind it is the fact that you as a customer would be defecting from one of their competitors. One of the greatest and most important benefits to be derived from all of this is that the interest offered by these new suppliers is at 0%. You receive this 0% interest for a specified period of time such as 3-6 months.

After this interest break period expires, the normal APR begins to apply.

Some other offers you get to receive include things such as interest free purchases for a limited period of time, reward points, etc. All this really makes sense when you think about it.

Credit card debt management consolidation is the way to go. It also works well. It's a time tested and effective way of tackling the enormous problem of credit card debt. Now that you understand what this all means to you, you need to take the next step immediately and get your debt consolidated by the right company.

7 Steps to Reduce Credit Card Debt One way to reduce your debt is by transferring your balance to a different company that has a lower interest rate then you currently have. As you probably know, credit card companies make their money from the interest you pay which can usually be up to 25% or more. Many credit card providers have introductory periods where the interest rate is 0% or close to 0%. This introductory period can be anywhere from 3 months to 1 year. This is a smart move because if you can prevent interest from accumulating you can pay off your credit card in a shorter amount of time. If you cannot pay it off during the introductory period from a new card, then you might want to think about completing the process again.

Stop Spending!

This step is obvious but you must develop self-discipline. In other words, another way to reduce credit card debt is to become very frugal and not spend unless you absolutely have to. Some experts would say to even go as far as cutting up your card so that don't use it anymore or put in a safe place other then your wallet or purse. Try to use what money you do have instead of borrowing more which just adds to the problem. Use your debit card at all costs if possible.

Call Your Credit Card Company And Negotiate A Lower Interest Rate!

Sometimes even calling your credit card company and asking for a lower interest rate works. Tell them that if they don't reduce your credit card interest rate you are going to switch to another credit card company. This negotiation tactic is worth a shot, and remember, you have nothing to lose by trying it.

Pay More Than the Minimal Amount Each Month/Use Savings If possible, always pay more then the minimal amount each month. This act alone will save you from having to pay tons of interest. The credit card companies want you to pay the minimum amount so that they continue to make money via interest. If it means tapping into savings then so be it. Your

typical savings account will get no more then 5% interest anyway, and most credit cards will have interest rates above 5%. Therefore, if your savings interest rate is lower then your credit card interest rate, you are losing money by the second.

Create A Budget This step may seem obvious to many people as well. This is a great way to attack your credit card debt because you know how much money at minimum you need to spend for basic living expenses and you can figure out how much you can allocate to paying off your credit card debt a month. Using your computer (spreadsheet) is a great way to calculate and see how much you can allocate per month to your debt. Furthermore, a budget is great way to see how long it will take you pay off your credit card debt so you are pretty certain of the date when you will become debt free.

Contact A Credit Counseling Company Credit counseling companies are a great way to attack credit card debt as they will sometimes enroll you in a debt management program. These debt management programs are specifically designed for your financial situation and can last anywhere from 24 months to 5 years. Debt experts will analyze your current debt situation, help you setup a budget, and then work with creditors to negotiate with creditors for you. Negotiation with creditors can involve such things as reducing your credit card debt interest rate or other bills with interest, waiving late fees, and other fees, as well the possibility of reducing the total amount you owe. Moreover, they can stop the collection calls, lower your monthly payments, consolidate your debt to one monthly payment, help you avoid bankruptcy and help you save hundreds on interest!

Many debt consolidation companies also provide counseling as part of the debt reduction program to make you stay on track in becoming debt free.

Obtain a Debt Consolidation Loan If you own a home or some asset, then obtaining a debt consolidation loan can be a smart move. Any debts you have that are secured (mortgage, boat loan, car loan) can be used as collateral to obtain a personal loan, refinance loan, or home equity loan. There are many benefits to a debt consolidation loan. Debt consolidation loans usually have a lower interest rate than your credit card interest rate. Therefore, you can take out another loan at a lower interest rate to pay off your higher interest rate debt (Your Credit Card Debt!!).

There are many benefits. First, you can end those debts that carry high interest (credit card debts). Second, you can consolidate your debt into an affordable low monthly payment. Third, you can improve your credit score and prevent the degradation of your credit score.

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Click Here To See This Now! 4 Easy Steps To Credit Card Debt Relief Consumers everywhere are looking for credit card debt relief options, and it's no wonder. Thousands of people owe tens of thousands to their credit card companies. But is credit card debt relief really possible? If you know what you're doing, it is. Here are 4 easy steps to getting out from under your credit card debt.

1. Assess Your Situation The first step towards credit card debt relief is understanding exactly how bad the situation is. This means taking all of your recent credit card statements and totaling up all of your outstanding balances.

Most people avoid totaling all of their credit card debt. This is usually because the end result will come out to a scary figure. However, if you are serious about credit card debt relief, you need to know exactly how much debt you are really in.

2. Reviewing Your Options Once you know exactly how much debt you are in, you need to review your options. When it comes to credit card debt relief, there are a number of services and solutions available to consumers.

Most consumers turn to one of three solutions for credit card debt relief including debt consolidation, debt negotiation and bankruptcy. Which of these solutions is right for you will depend on many things including exactly how much debt you are in and what your finances look like.

If you can afford to make a decent monthly payment towards your debt each month, credit card debt consolidation may be the answer. If your credit is still in good shape, you can consolidate your debt yourself with a low-interest credit card and pay as much as you can towards the balance each month.

If your credit has suffered some bruises, you probably won't qualify for lowinterest credit cards and you'll need to seek the help of a non-profit credit card debt relief service. Many of these services can help you renegotiate your interest rates. You then pay the agency one monthly payment and they pay your credit cards directly.

If your credit has been somewhat trashed and you would rather get your creditors paid off without having to deal with monthly payments, debt negotiation may be your ideal choice for credit card debt relief. However, for this to work, you need to be quite a bit behind in your credit card payments.

For credit card debt negotiation, you contact your creditors and tell them that you will pay them a percentage (usually 25 to 50 percent) of what you owe if they will consider the payment as payment in full. This means if you owe a creditor $5,000, you offer $2,500 and ask them to write off the debt for that amount.

If you can't afford a monthly payment and debt negotiation isn't an option, then you may want to consider bankruptcy. No one likes the idea of claiming bankruptcy, but some consumers really do need to start over again and bankruptcy may be the only option.

3. Make a Plan Once you know what type of credit card debt relief you are interested in, it's time to lay out a plan. In the case of credit card debt consolidation, you'll need to determine how you will consolidate your debt and exactly how much you can pay towards your debt each month.

In the case of debt negotiation, you'll need to determine exactly how much money you are going to offer your creditors and which ones you will be contacting first. In the case of bankruptcy, you'll need to look into obtaining the services of a lawyer.

4. Put Your Plan in Action Once you know exactly what steps you need to take, it's time to put them in action. In the case of bankruptcy and debt negotiation, this is just a matter of taking the proper steps and executing them according to your plan. With debt consolidation, however, a bit of willpower will be required.

Many people who consolidate their debt are excited to find out that their minimum monthly payments are often reduced. This does not mean, however, that you should pay the minimum monthly payment. The purpose of credit card debt relief plans is to get out of debt as quickly as possible. This means paying as much as you possibly can to your creditors each month.

Credit card debt relief rarely happens without a bit of sacrifice. Whether that's sacrificing your credit with a bankruptcy history, sacrificing your budget by paying more towards your debt or sacrificing your savings with paying large amounts to satisfy your debt in full, the end result is always worth it.

And of course, once credit card debt relief is achieved, make sure you don't find yourself in the same situation again. Manage your debt wisely and let the sacrifices you make towards credit card debt relief serve as a lesson.

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Content Credits

Lies, Lies, Lies - How They Trick You Into Amassing Credit Card Debt Article Source: http://EzineArticles.com/expert/Joel_Marks/271460

How to (And How Not To) Get Rid of Credit Card Debt Article Source: http://EzineArticles.com/expert/Cole_Collins/232897

Credit Card Debt Management Consolidation - What You Need to Know First Article Source: http://EzineArticles.com/expert/Chris_L_Taylor/206051

7 Steps to Reduce Credit Card Debt Article Source: http://EzineArticles.com/expert/Manny_Vetti/151747

4 Easy Steps To Credit Card Debt Relief Article Source: http://EzineArticles.com/expert/Max_Anderson/73664