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9 Steps to Eliminate Credit Card Debt Problems
Author: A.C. West  | Posted: 08-07-2008 | Comments: 0 | Views: 4 | Rating: (51)  (?) 
Have your finances have spiraled out of control and you want to eliminate your credit card debt problem? First, although things may seem a little bleak for you in your situation, you might take a small amount of comfort in knowing that you are not alone. There are probably many people who are in an even worse situation compared to your self. And almost all of those people are seeking a solution just as you are.
Second, you should also take a positive mental attitude and realize there is a solution. You will be able to solve your credit card debt problem and no longer need to worry and stress about your finances. It will take determination, hard work and effort, but you can do it!
So what is the solution to solving your credit card debt problem?
The solution is for you to tackle your credit card debt problem head on with full force and eliminate it completely. But, how will you do you do that?
There are so many ways in which you can tackle your credit card debt problem. Many different people have suggested quite a few ways according to what solutions have worked for them. However, there is a simple step by step process with which you can use to eliminate your credit card debt problem.
1. Record all of your credit card debt onto a spreadsheet. You can use a spreadsheet program on your computer or if you prefer, you can write all of the on a sheet of paper. You can start with the following fields - credit card issuers name, current balance, minimum monthly payment, payment due date (the day of the month by which you are required to make payment of your credit card bill), and APR (annual percentage rate). You can also record reward points earned, redemption offers applicable for your reward points balance, and any other remarks you may wish to include.
2. Once you have created your desired fields, enter in all relevant information from your various credit cards.
3. Now you should look at the information you have recorded and determine which credit card is contributing the most to your credit card debt problem by looking at the card with the highest APR and highest balance.
4. You can also look to see which card has the smallest balance and make note of it.
5. Now you should choose which debt to eliminate first. You may choose to first eliminate the debt on the credit card that is contributing the most to the credit card debt problem, which would be the one with the highest balance and APR. Or you may choose to start with the smallest debt to get it out of the way as quickly as possible.
6. Once you have one debt paid off, use the money you used on that payment towards your next debt to tackle along with your regular payment for that particular debt.
7. In order for this plan to work, you must practice controlled and wise spending habits. Your goal is to get the debt paid off and gone from your life never to return. If you continue to add to the debt, it will just take that much longer for the debt to be eliminated.
8. To get the debt paid off faster, look for other ways to add to your income. Any additional money you are able to obtain will be used towards your debt to get rid of your credit card debt problem quicker.
9. Each month, update your balances on your spreadsheet and watch your debt reduce and be eliminated before your eyes!
Remember this is just one of the many ways you can use to eliminate your credit card debt problem. You can start be using the above tips and then evolve and re-devise the plan according to your needs. Any plan or approach you choose to use is great as long as it fulfills the goal - to eliminate credit card debt problem.
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Frequently Asked Questions
Can a credit card company take you to court for ...
By: ecn1997 | 09-10-2008
can a credit card company take you to court for non payment? the balance is 25.000.00 it is in our business name but signed personally by my husband. He is 65 and no longer works, I am 64 and have to take care of him as he is in bad health, no savings or no income except social security, the business in in my son's name. but my husband is on the note. they say they will not work with a debt consolidation company, I need to know what to do. It is Wells Fargo
I'm looking for a reputable debt consolidation ...
By: cindy | 06-10-2008
I'm looking for a reputable debt consolidation service. Do you have any suggestions?
Where do I complain about deceptive credit card ...
By: Michael | 02-10-2008
Where do I complain about deceptive credit card practices ?
Pay down credit cards with low interest or keep more stashed for emergency?
By: Sandy in So Cal | 29-09-2008
I have $26,000 in credit card debt. In May 2007 I had over $42,000 in debt, but I've made many sacrifices and have been scraping together about $1000 a month to pay down my debt and have no other debt (car is old and paid off, and I rent a room with friends in order to lower my living expenses).
Paying this $1,000 a month has been my highest priority, but it leaves me with no savings - I keep $1,000 as an emergency fund and put the rest of my money towards my debt.
Here's my question - with the economy going nowhere fast, I'm unsure if I should be paying this much per month and leaving myself with little savings. Being debt-free is important to me, but I'm wondering if my priorities should change. I feel as though I should keep cash in my home in case of an emergency.
From the $26,000 in debt that I have, about $3,000 is at 7.9% interest, and the rest is at 3.9% interest, permanently, as long as I make minimum payments. I feel that I should knock out the $3K then drop to minimum payments on the $23,000, which would be between $400-500 a month, at that low interest rate.
Help!
Sandy in Los Angeles
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If I pay something every month on a debt, it is my understanding that by cashing the check, the creditor accepts the terms of my payment and cannot institute a lawsuit. Is this true?
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