Desperate for Credit Card Relief? A 3-Step System for Whipping Your Finances Into Better Shape

Who says there is no such thing as credit card relief

? Two years ago, I was in pretty bad shape financially. I got laid off, and couldn't find a job right away. With two kids to send to send to school and a mortgage to pay off, I was reduced to buying everything on credit. That was my first mistake. After I maxed out my first card, I used my second one, and then my third, and then my fourth. That was mistake no. 2, 3, and 4 respectively. I wasn't kidding when I said was in pretty bad shape financially; I was literally up to my eyeballs in debt! Here is the three-step system I used to whip my finances back into shape.

1. Assess the Situation - Your situation, to be precise. Take out all your credit card statements and see how much your total outstanding balance is. This can be a very scary process but if you're truly serious about solving your debt situation, then you need to know precisely how much you owe creditors.

2. Review Your Options - You have several options for paying down your debt, including

debt consolidation

debt negotiation

filing for bankruptcy

borrowing against your 401k, from the bank or from friends and family

You may also get the help of a settlement company who, for a nominal fee, can drum out an agreement for credit card relief on your behalf.

3. Make a Plan and Enforce It - Once you have a credit card relief plan laid out, it's time to map out how much of your income needs to go to your creditors and how much you can use for your needs. Draw up a budget. There are many tools that you can use, ranging from the simple spreadsheet to more powerful software that lets you perform more sophisticated budgeting functions.

Paying off your debts isn't easy, but it can be done. Start by checking on your spending and learning better money management. Good luck!

Desperate for Credit Card Relief? A 3-Step System for Whipping Your Finances Into Better Shape

By: Carla Kaplan

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