Eliminate Credit Card Debt

By: Wayne Cutforth
These days, everyone has a credit card and most people live on credit. Unfortunately, this leads to many people living beyond their means. The end result is that they accumulate huge credit card debts with more and more interest adding on each month. If you are one of these people then the good news is that there are ways to sort out your credit card debt problems. There are some steps you can take to get yourself out of trouble. First of all, go and see a debt advisor. Do not make any decisions without seeing one. The can give you professional, practical advice about the options open to you to get you out of debt.

If, for whatever reason, you cannot see a debt advisor then make direct contact with the credit card companies that you owe money to. See if they are open to negotiations. You will be surprised. They are well aware that if you declare bankruptcy then the debt is just written off and they will not get their money anyway. This means that they may be happy to reach a compromise and there is not harm in reminding them of that fact. You will also see many adverts on television from companies that offer to consolidate your debts into one monthly payment. While this may ease the problem and keep your finances more organized, it does not solve it. Borrowing from Peter to pay Paul is not the solution here. Also, debt solutions like these are not always worth it and make sure you read all of the small print before agreeing to anything.

There are, in many countries, laws and government legislation passed to help people in debt. This will often allow all interest to be frozen. Speak to a debt advisor about this and make sure you take advantage of everything to help find a proper solution. Also, do not be afraid to ask other people for help. Ask family members and see if they can assist you in any way. Also, ask your boss for a pay rise. Never be afraid to ask people about things like this. If you do not ask you do not get; period.

If you are married and have two cards you may want to think about cutting back and just have one car. Many times I see families with two cars but often only use one of them. This is throwing money away and could go towards your debt repayments. Look at your other outgoings too. Do you really need to spend X amount on cigarettes or alcohol? Look at stuff like this and make sure that your outgoings are only for things that are absolutely necessary.

If nothing seems to work for and you really are in a mess then the last option, which is really one you want to avoid, is to declare bankruptcy. This will destroy your credit rating and will stay on your record for a number of years and you will have to build a credit profile again right from scratch. The good news is that your debts will be written off and forgotten about giving you the chance for a clean slate. Good luck!


About the Author:
The author likes to write about ways to eliminate debt problems. He has his own website dedicated to solving debt issues. You can take a look at the credit debt relief website for more information. I hope you find the site helpful.