Handling Your Credit Card Debt Is All A Matter Of Discipline

 By: Hazar Umutay
How often have we found our self to be in the receiving end of a credit card bill gone awry? The problem with credit card is that if it's easy to buy things that you've always wanted, it's even easier to fall into a debt trap. There isn't anything wrong in keeping credit cards, but for those who lack fiscal discipline, this is nothing but a death knell. Fortunately a few yet decisive changes can pull you out of a bad credit card debt.

The first and foremost thing to do is to scrutinize the path that led you here. What made you come to this point? A series and honest introspection is what is important even before you start on a process of clearing your credit card debt. Make a list of the monthly income and expenditure. Is there something that you can downsize or maybe even cut down on?

For those who've got to clear more than one credit card debt, get a list of the outstanding balance in all the cards. List these out and arrange them in an order where the card with the highest interest rate is ranked first and the lowest ranked last. Determine how much it would take to pay the minimum balance in each and check if you afford to pay the same. But make sure you pay a little more than the minimum amount. Generally the minimum amount payable is the interest on the principal amount and you cannot clear the principal until you pay more than the amount quoted.

The card that costs you the most in interest rates is the one where the additional money from the budget should go as this is the one that has to be cleared first. This process can be continued until you clear the one the costliest debt. You can similarly clear the other debts.

Identity thefts are very common today and hence when you receive your credit card bills; make sure you purchased the items mentioned in the list. And when paying for utilities, make sure that you use a safe and secure system.

Banks today are fast realizing the demon called credit card debts and hence to help people declaring bankruptcy have started offering debt programs, whereby you can easily repay these loans. But there are some banks that may charge you an interest rate on the amount.

Another method of clearing debts is to seek help from professional credit card debt counseling companies that provide a legitimate and honest plan to help debtors. They also provide a credit card installment plan where people can get pay back through easy installments that are carefully determined. A very low interest rate is applied to the purchase of goods and can be paid in 12 equal monthly installment payments.

These agencies also turn off credit card debts until a person's purchase of real property is made. The contracts are closed after the credit card debt is closed. The best part of using the services of these agencies is that there is no installment surety system, bond and hence reliable and clear.
Artice Source: http://www.articlesphere.com

Related Articles in Credit Cards

People interested in the above article are also interested in the related articles listed below:

If you have an average to excellent credit rating, then a Capital One credit card is likely to be for you. They offer competitive APRs, rewards similar to mileage points and various benefits which make them a good deal for everyone. For anybody with average credit score, a favorite card is the Classic Platinum Credit Card.
Holidaymakers are being stung because they are not aware how much it costs to use their debit cards abroad. Says a leading UK Building Society. Research from Norwich and Peterborough Building Society (N&P) shows that almost one in three Britons overspent on their last foreign holiday.
Visa black card created quite a buzz in the financial industry. This new card is a luxury, which is designed for the rich. It not only gives you a tremendous buying power, but it comes with a lot of benefits that do not even make sense to some of us mortals.

More in Credit Cards

Excellent, Larry. Thank you for taking the new article directory technology and making it work to the max. I encourage everyone to keep contributing and contributing regularly. I can attest to the fact that this site is already a strong directory in a field of many. Kudos to Larry!

Matthew C. Keegan
The Article Writer


I find it a delight to use both as an author and a publisher. It is full of nice little surprises that make the whole process of writing, reading and publishing articles a complete delight. This is one that comes out tops and beats the rest hands down.

Eric Garner
Managing Director


I did a Google search and came across your site. It was exactly what I was looking for and was elated to find such a broad range of articles. As I am launching a free magazine in a small town in Florida, I wanted to be as resourceful as possible while still being able to provide some content that is interesting and well written. Your site has all the variables in the mix. Excellent Site hitting all the notes in the scale sort of speak.

Mo Montana
Florida, USA

Article Topics

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.
ArabicBulgarianCatalanChinese (Simplified)Chinese (Traditional)CzechDanishDutchEnglishEstonianFinnishFrenchGermanGreekHaitian CreoleHebrewHindiHungarianIndonesianItalianJapaneseKoreanLatvianLithuanianNorwegianPersianPolishPortugueseRomanianRussianSlovakSlovenianSpanishSwedishThaiTurkishUkranianVietnamese