Hitting the last nail in the coffin of credit card debt

Part 1: Millions of people are affected by the crippling and painful hit of credit card debt. This usually starts when the banks and other l...

Part 1:

Millions of people are affected by the crippling and painful hit of credit card debt. This usually starts when the banks and other loan companies make the cards far too easy to get hold of. This usually happens to students or first time workers who have a very limited income, the cards offer a cushion that is far too easy to abuse. Eventually one card becomes two, and two becomes three making the whole process of staying afloat a lot harder. Often one card is used to pay off another resulting in a vicious circle that spirals downwards that far too often requires desperate measures to solve, such as declaring bankruptcy.

Here are a few steps you might want to consider using in order to get out of credit card debt. Firstly, think about consolidating all your debts into a single place, this might mean taking a loan from the bank and paying it off in single monthly installments, or you might want to do a balance transfer onto one single card. This can be beneficial as many cards offer an initial period where they have no interest what so ever. The other advantage of consolidation is that you can stare the problem in the face now that it is all in one single place and you can begin to tackle it head on.

Now that you have done this you are going to want to make sure that you do not use them anymore what so ever and that you ensure that you put a set amount aside each month to use to chip away at this debt of yours. If you are unable to consolidate your debt for whatever reason, do not panic. Make sure that you are still as organized as possible and that you pay off the cards with the highest rate of interest first in order to shorten the term of your repayments.

Hitting the last nail in the coffin of credit card debt: Part two.

In the first post of this series, we saw how to start going about reducing our credit card debt, we saw that we might want to consider consolidating our debt either through a low interest bank loan or by doing a transfer onto one single card with an initial zero interest rate. You can then make sure that you make set aside some money on a monthly basis to pay some of it off. We also saw how if we can’t consolidate the debt we have to aim to pay off the card with the highest interest rate first.
Before you have gotten organized enough to make the repayments you are still going to want to make sure that you are at least making the minimum repayments in order to make sure that you don’t get any additional charges added to the amount you have to pay off.

This critical point will not only slowly help you get out of debt, but it will also allow you to get organized much faster as you won’t have to worry about paying the cards off manually. Once you are organized you will be able to start calculating dependant on your income how much you can pay off. When it comes to making this repayment you are going to have to be as strict as possible and make sure that you aren’t using the cards in question at all otherwise you will make it even harder to climb out of the metaphorical trench.

Also you are going to have to understand that the cutbacks that you are going to have to make will slow down any other plans you might have. You are going to want to make sure that you don’t plan to make any savings as this is hampering your ability to pay off your cards and the longer you are in credit card debt the more it will cost you in the long run. So it is vital that saving at this point is counter intuitive and not only will slow down your ability to pay off your debt, but it will also cost you more money in the long run.



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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Hitting the last nail in the coffin of credit card debt
Hitting the last nail in the coffin of credit card debt
Today's Latest news, Know What's happening in India- with Timesnowindia.com
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