How To Start Settling Credit Card Debt...

Thousands of households are in a financial mess and worrying about settling credit card debt that has built up over recent years

. People just don't know where to start to sort out their problems...

Well, admitting you're in a mess is a great start. You have to take your head out of the sand and admit you have money problems that need to be addressed.

The vital first step is to face your problems and once you've done this then a solution can be sought. If you continue to ignore the situation the mess will get a lot worse, your stress and worry will increase and your health may well suffer as well as your finances.

Problems are never sorted out by not facing the truth. The situation simply worsens every day. It takes courage to face serious situations but once faced then positive action can be taken.

Ok, so where do you start?

The most important starting point is to get control of the amount you spend. Stop spending money like there's no tomorrow! Your spending habit will be hard to break but it's absolutely necessary!

You have to decide whether to try and sort your problems yourself or find help. Talking over your problems can help enormously. You don't have to tell everyone you know but someone with knowledge of debt problems can be very beneficial. Financial experts are trained to know about dealing with creditors, banks and mortgage lenders that you have no experience of. They can advise you on how to clear credit card debt from a professional perspective and that's what you'll need.

It will be painful but the next step is putting together a list of how much you owe and to who... This really brings you down to earth... This is reality time and it's painful but you have to know exactly what you're dealing with and prioritise your debts with a payment plan.

Investigate which of your credit cards and other debts has the highest level of interest and plan to tackle this debt first. Don't continue to pay the highest levels of interest unnecessarily.

Look into whether you can transfer high interest balances onto a low level (zero level if possible) card and then pay off as much as you can each month.

You will now have proudly taken control of your finances rather than them being in control of your life. You'll probably have been aware of your financial problems for some time. If you think you need help then ask for it and accept it... You'll be surprised at how you'll find the strength to deal with your problems. Be careful to read the small print of any new deals you may take out.

by: Jo Marsden.

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