==== ==== There is a way to get out of debt. Follow these steps.... http://successwithdj.info ==== ====
You might have taken on more than you could manage, in terms of credit cards. However, that doesn't mean you have to stay with these debts forever. With a little effort and practice you can eliminate credit card debt permanently. Here are some tips to help you sort out your debts. 1. Make a list One of the first things you will need to do to ensure debt reduction is to list out all your existing credit cards descending order of interest rate. This means the credit card with the highest interest rate must come first followed by any other cards in order of interest rate. 2. Assess the minimum payment percentage Next you need to find out the minimum payment percentage from the fine print on the credit card documents. Make sure to add up all the minimum payments on each of the credit cards. This is one of the first steps towards debt consolidation efforts. 3. Check your affordability Next you will need to ascertain how much you can shell out each month. Make a list of your current expenses versus the income you are receiving. If you want to permanently eliminate credit card debt you'll need to find mays to save money as part of your household budget in order to pay off the outstanding balances. 4. Payment methods For all the other credit cards, excepting the one with the highest interest rate you should make an effort to pay off the minimum balances on each card. This is the way to achieve debt consolidation. On the card with the highest interest rate, in addition to the minimum amount pay off an additional amount to reduce debt. 5. Pay off the highest rate card Even before you start paying off the outstanding towards other cards make sure to pay off for the one with the highest interest rate. This way you can avoid incurring too many expenses towards this high rate of interest. This is one way to go about debt reduction successfully. 6. Request for lower rate The credit card market is so competitive that if you request for a lower rate from your creditor you
might just get it! Lower rate means you can get rid of credit card debt that much faster! 7. Do a balance transfer You'll be surprised at how much savings a balance transfer can actually make for you! Look for a card with a much lower interest rate. Then transfer your outstanding balances to this card. Now you just have a single payment every month at lesser interest rates! That's a great way to ensure debt reduction. 8. Make a promise You need to promise yourself that you won't use the card for anything else other than emergency situations. If you stick to this resolution you will be sure to save a lot and get rid of credit card debt much faster. 9. Use your savings Make sure to use up the money in your savings account to pay off the outstanding balances as much as you can. This is the fastest method of debt consolidation. 10. Read the fine print If you plan on going for a new card with a low interest rate, read the fine print as most of them are promotional offers. Know what the rate is after the promotional period.
Richard Greenwood founded www.click4credit.com.au which compares balance transfer and low interest credit card offers. The site also features an extensive range of financial articles.
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==== ==== There is a way to get out of debt. Follow these steps.... http://successwithdj.info ==== ====