Best credit card debt consolidation for me
With the average Australian household credit card debt rising to almost $10,000,
credit card debt consolidation is big business today. The popularity of credit card debt consolidation is evident by the numerous methods as well as the large number of firms providing credit card debt consolidation services.
However, all credit card debt consolidation methods work differently, and depending upon your own financial situation and the amount of your debt, you should choose the credit card debt consolidation method that works optimally for you.
There are numerous credit card debt consolidation options available for the average debtor. If you are not already neck-deep into debt, then the best method for paying it off is to consolidate using credit cards.
Credit card companies offer many different options for people who use this method of credit card debt consolidation. Many companies offer a 0 interest rate.
The advantage of using this kind of credit card debt consolidation method is that you end up saving the sky high interest that you were paying on your earlier credit card.
This way, whatever you spend on paying off your credit card balance goes directly towards reducing your principal instead of being wasted on interest payments.
However, this method of credit card debt consolidation works only for people who are regular and disciplined about paying off their credit card balance on time.
One thing that you need to keep in mind is that, no matter what, you are consolidating with a credit card! So, in case you delay your monthly payments, you will have to pay back your balance with a much higher rate of interest than what you were probably paying on your earlier credit card.
While generally credit card debt consolidation schemes start with a 0% APR, the rate of interest shoots up steeply once the introductory period is over and you may end up paying more than you would have originally.
If you want to become debt free this way, then remember that strict discipline and thoughtful planning are the cornerstones of credit card debt consolidation through balance transfers.
In case you feel you are not disciplined enough to always pay off the balance on your new card on time, then consolidation through credit card may not be the best option for you.
In such cases, you should try exploring credit card debt consolidation loans. You can write off your entire credit card debt using the payment from a credit card debt consolidation loan.
And the best part is that these loans are available at a much lower interest rate than what your average credit card company charges.
Credit card debt elimination
Taking a step towards credit card debt elimination
So you have decided to go for credit card debt elimination and are wondering on what the methods for credit card debt elimination are.
As they say, let’s take the bull by its horns and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt.
Let’s check both of these credit card debt elimination recommendations and check the list of things that you can do for achieving credit card debt elimination using these recommendations:
1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures.
Here we are talking about the payments you make using your credit card. Remember that the main reason being your getting into credit card debt is uncontrolled expenditures using your credit card.
So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by preventing accumulation of further debt. Here is what you can do to control your expenditures:
a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need.
After all you are looking for credit card debt elimination not supplementation.
b. Leave your credit card at home. If you really-really need something, then you can fetch your credit card from your house.
This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually there all the year round).
This credit card debt elimination technique, again, works on the principal of ‘prevention is better than cure’. This will prevent unplanned expenses from happening.
c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. This budget will form the basis of your credit card debt elimination plan. So if you deviate from your budget, your credit card debt elimination plan will go for a toss.
2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination.
Here are a few things that you need to do:
a. Do not go for the first balance offer you come across. Analyse various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and standard Apr, all need to be considered.
b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan.
c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the offers.
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.
Credit Card Debt Consolidation Best Methods
Credit cards are the safest way to make payments, which carry no risk of theft or anything else. To avoid credit card debt you are advised to make payment before statement date.
If you are already under the threat of credit card debt then you are recommended to take credit card debt consolidation loan to consolidate credit card debt.
Here are some best methods for credit card debt consolidation.
You can apply for credit card debt consolidation through Internet or by applying to your local creditors.
Both secured and unsecured forms of Credit card debt consolidation are available in market to choose from, it will be better to take an unsecured loan because a miss payment may lead you lose your security.
For credit card debt consolidation you should take loan from a single creditor because it is easy to pay to a single creditor than to pay to multiple creditors.
With credit card debt consolidation you can get better rates as your new creditor will offer you easy terms with lower monthly installments and lower interest rates.
You can make your life simple with credit card debt consolidation by paying one bill per month, which will cut a lot of stress and bill paying time.
If you are unable to take credit card debt consolidation loan at your desired low interest rates then you can borrow needed money from your life insurance policy to eliminate credit card debt.
Of course, the best method to consolidate credit card debt is to minimize the use of credit card, which is in debt, and to transfer the balance to a lower or zero interest credit card.
Credit card debt help is usually available for both personal and business debt problems at most financial services.Do not postponing taking care of your credit car debt. You can lose a lot of money!
What Do You Do When You Finally Pay Off Your Credit Card Debt?
The problem is, it is darn near impossible to live without a credit card or two. Otherwise, how do you buy online, book a flight, or rent a car? You can still use a credit card after you have taken care of your debt, just do so in moderation.
Credit card debt is a very big problem that is being faced by a lot of people who have been irresponsible and undisciplined in the use of their credit card.
Though some might have landed up with credit card debt due to some unfortunate event or emergency in their life, most people carry a credit card debt due to their own financial mismanagement.
There are a lot of ways to pay off credit card debt and a lot of people do achieve this feat. Surely, to be able to pay off credit card debt is really a great achievement in itself for not everyone is able to pay off credit card debt.
It takes a lot of discipline, restraint, planning and perseverance to finally pay off credit card debt. However, there is more to paying off credit card debt then just being able to pay off your credit card bills.
What happens to your life after you pay off your credit card debt successfully? As mentioned before, of all the people who try to pay off credit card debt not everyone is successful. However, some people fail after they have succeeded in paying off credit card debt.
These are those people who let themselves loose and go on a spending spree as soon as they pay off credit card debt.
Soon, these people again end up with a credit card debt and are again trying to pay off a stack of bills.
So, it’s not enough to just pay off credit card debt, it’s equally important to maintain a debt-free status even after you pay off credit card debt; only then can you enjoy a stress-free life in the world of credit cards.
So learn your lessons well and do not let yourself wander down the path to more credit card debt. Most of the rules that you followed when you were trying to pay off credit card debt, will also hold good after you have paid off your credit card debt.
Here is a quick synopsis of things that you should take care of even after you pay off credit card debt:
1) Do not overspend. Giving in to the sale offers for something that you don’t really need, is a big mistake that leads to overspending
2) Always remain within 70% of your credit limit.
3) Make credit card bill payments in time and in full.
4) Don’t hold more than 2 credit card accounts (two are enough for anyone)
These are just very basic things you can do to keep your credit under control; you can add more based on your own experience and knowledge.
Steps To Tackle Plastic Debt
Looking for a solution to your Credit card debt problem?
First of all, you can take comfort in the fact that you are not the only one fighting the credit card debt problem.
There are hordes of people who might have an even worse credit card debt problem compared to you; all of them seeking to eliminate the credit card debt problem.
So what is the solution to credit card debt problem?
Well, the solution really is to smash the credit card debt problem with full force and eliminate it completely. Now how do you do that?
There are many ways in which you can tackle credit card debt problem. Different people suggest different ways of tackling credit card debt problem. However, here is a simple step by step account of what you can do to get rid of credit card debt problem:
1. Take stock of the situation i.e. draw up a table with the following fields – Credit card name, balance, payment due day
(the day of the month by which you are required to make payment of your credit card bill), APR, reward points earned, redemption offers applicable for your reward points balance, remarks.
2. Fill the table up with data from your various credit cards.
3. Figure out which credit card is contributing the most to the credit card debt problem i.e. highest APR and highest balance.
4. Check if reward points can be used to make partial payments or cover any kind of fees or if the points can be bartered for something you need (spending less means preventing the credit card debt problem from getting worse).
5. Draw a comparison table of offers available for eliminating credit card debt problem (i.e. consolidating credit card debt).
6. First eliminate debt on the credit card that is contributing the most to the credit card debt problem.
7. Practice controlled and healthy spending habits (after all you are looking to get rid of credit card debt problem and not aggravate the credit card debt problem).
8. Look for alternative means of adding to your income (more money means earlier termination of credit card debt problem)
9. See your debt reduce with time and celebrate the day when you finally put an end to your credit card debt problem.
Remember this is just one of the ways of tackling credit card debt problem; you might devise your approach for doing away with credit card debt problem. Any and every approach is good if it fulfils the objective i.e. eliminates credit card debt problem.
Eliminating Your Credit Card Debt
So you have decided to go for credit card debt elimination and are wondering on what the methods for credit card debt elimination are.
As they say, let’s take the bull by its horns and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt.
Let’s check both of these credit card debt elimination recommendations and check the list of things that you can do for achieving credit card debt elimination using these recommendations:
1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures.
Here we are talking about the payments you make using your credit card. Remember that the main reason being your getting into credit card debt is uncontrolled expenditures using your credit card.
So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by preventing accumulation of further debt. Here is what you can do to control your expenditures:
a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need. After all you are looking for credit card debt elimination not supplementation.
b. Leave your credit card at home.
If you really-really need something, then you can fetch your credit card from your house. This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually there all the year round).
This credit card debt elimination technique, again, works on the principal of ‘prevention is better than cure’. This will prevent unplanned expenses from happening.
c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. This budget will form the basis of your credit card debt elimination plan.
So if you deviate from your budget, your credit card debt elimination plan will go for a toss.
2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do:
a. Do not go for the first balance offer you come across.
Analyse various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and standard Apr, all need to be considered.
b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan.
c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the offers.
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.
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