subject: Credit Card Relief - How To Get Your Debt Under Control [print this page] A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
First of all, get rid of most of your credit cards. Cut them up! You can keep one or two for emergency use. However if you have massive credit card debt the odds are that your have problems using them responsibly. Don't be embarrassed by this, just acknowledge that you have a problem and that you need to stop using them, at least until get your debt under control and are living within your income. You might even was to leave your emergency credit card with a family member or good friend, someone you trust, so that you'll have to explain your reasons to an impartial party before incurring additional debt.
Next it's time to cancel all your unsecured lines of credit. If you are using personal loans or other lines of unsecured financing, you are paying a serious interest rate for this convenience. It's time to take a step back, do whatever is necessary to payoff debt. This may mean working overtime or finding a second job. Once you've reached this goal your improved credit score will allow you to obtain better interest rates on your future loans. Contact your creditors; request lower interest rates on your current outstanding loans. Explain to your creditors that you are in the process of reducing your outstanding credit obligations. Contacting your lenders and renegotiating your interest rates could save you a bundle.
Now you need to transfer as of your outstanding debt as possible to one of your remaining credit card with the lowest interest rate. This will save you thousands over the next couple of years. This is a minor form of debt consolidation. Use cash and debit cards. If your can't pay for it in cash, you don't need it! Again this goes back to the point of living within the limits of your income.
You have to commit to eliminating your debts by whatever means necessary. If you find you are not making any headway on your own, you'll find that debt settlement companies are a great resource for assistance in paying off your debts. You may also decide to retire your debts one at a time by saving up funds to pay the debt in full or to settle the debt with an offer in compromise.
If you feel you need profession assistance contact a quality debt settlement company. Be sure to check them out with your local Better Business Bureau and your state's Attorney General's Office. If you are buried under a massive load of unsecured debt such as credit cards, medical bills and personal loans, you'll need the assistance of a professional debt settlement company to assist with your debt settlement negotiations. In the long run a professional debt settlement company can help you pay off your debts in less time for and for less money than you actually owe.
Credit Card Relief - How To Get Your Debt Under Control
