Article Sphere Logo

Eliminating Credit Card Debt

By Expert Author: Manny St Cyr | View Article Summary
Word Count: 424 words | Views: 105 view(s)
Manny St Cyr

One of the best things you can do for your personal finances is to eliminate credit card debt. It is very simple to actually get into the debt trap, but getting out is a little more complicated. While it is complicated, it is certainly not impossible to eliminate credit card debt, especially with some assistance.

First, if you have a small amount of debt you can try to transfer your credit card balances from a card with monthly interest to a card that offers a period of zero percent interest. If you have good overall credit there are many companies that should be willing to extend a credit card to you with this offer on credit balances. Most card companies offer this as an introductory period, generally for around six months to a year. Depending on the size of your debt, this should be enough time to eliminate credit card debt because you are paying directly to your debt and not finance charges. Again, if you have larger amounts of debt this may not be the way to go if you cannot afford the payments to pay off the debt before the introductory zero percent interest period is over.

If you do have larger debt amounts, you can either use a home equity line of credit or use a credit counseling service to eliminate credit card debt. Using a home equity line is usually only beneficial if you have a large credit card balance and cannot escape a large percentage rate on your credit card financing for various reasons. If you use a home equity line, you can then get a lower interest rate through the bank and eliminate credit card debt by paying the balance off in full. If this option will not work for your situation, you can use the assistance of a credit counseling service or a credit elimination service. Credit counseling services negotiate with credit card companies to get lower monthly payments that go towards the debt and not the interest so you pay off the debt faster. Credit elimination services are usually a last resort and for use in extreme situations. These companies work on your behalf to negotiate with credit card companies to eliminate credit card debt without payment.

As you can see, there are several options to eliminate credit card debt. With some calling, paperwork and determination it can be done much more quickly than by paying the minimum payment each month on your credit card statement.
About the Author/Author Bio

For more tips on getting credit help , saving money and restoring your credit, try visiting www.badcreditrestore.com, a website that specializes in providing credit tips, advice and resources.

Article Source: http://www.articlesphere.com/Article/Eliminating-Credit-Card-Debt/70383

Article Submitted: 2007-02-02 | This Article has been viewed 105 times.

Comments on this Article


More "Debt Relief" Related Articles

 
 

Listed below are more articles related to the above article from the "Debt Relief" article category.

People interested in the above article "Eliminating Credit Card Debt" are also interested in the related articles listed below:

 
So many people are looking for a solution to their seemingly impossible unpaid debt. One solution people use is credit card balance transfers. If you have a big debt on one card, you can open up another and transfer your balance to that one.
Are there such things as personal grants from the government to pay off debts, and if so, how do you get them? Find out the truth about whether you can apply for grants to help you deal with serious debt problems. This article explains the situation in both the US and the UK.
Household debt throughout the United States has become an ever increasing issue. Daily, millions of Americans find themselves in a financial situation that is not easily escapable—but are still searching for a solution. Studies have shown a direct correlation between the state of the economy and the amount of debt consumers hold. The poorer shape the economy is in, the higher debt there is per household, and vice-versa.
If you are experiencing money problems and surfing the net for help with how to get rid of debt, you will find no shortage of ideas, but the vast majority involve making someone else richer at your expense. Any debt problem can be overcome without borrowing money or paying someone else for their services. This article outlines the steps you need to take to tackle any debt crisis on your own.
The national credit card debt problem, enthusiastically cheered on by the credit card companies, has exploded into a completely out of control catastrophe out of their own making. Now, they're suddenly surprised and shocked that many credit card holders have fallen behind in their payments.
Morgan Stanley, Lehman Brothers, AIG, Fannie Mae and Freddie Mac...the question the whole wide world is asking WHEN WILL IT STOP FALLING?Chicken little the sky is falling! The media does not help. They place fear in our minds.
One of the mistakes that many homeowners facing a financial setback often make is failing to prioritize their bills. Even after they fall behind on a few monthly bills or debt payments, instead of abandoning the least important ones, they typically try to keep on top or just a little late with all of them. This can often be a mistake.
 
Article Directory Home All Categories Finance Debt Relief
 

Can't find what you're looking for? Try Google Search!
 
 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.
French Spanish Bulgarian Chinese (Simplified) Chinese (Traditional) Croation Czech Danish Dutch Finnish German Greek Italian Japanese Korean Norwegian Polish Portuguese Romanian Russian Serbian Slovak Swedish Arabic Hebrew Hungarian Thai Turkish English US