subject: Credit Card Debt Relief Company - Providing Answers to Frustrating Credit Card Debt Scenarios [print this page] Credit Card Debt Relief Company - Providing Answers to Frustrating Credit Card Debt Scenarios
Reduce your credit card debt by understanding which card to payoff first, which should be closed and which should be left open. This article will give you some pointers to reduce credit card debt scenarios.
1. Avoid late fees on credit cards: Always avoid overusing your card or missing out on a payment as the penalty fees charged is exorbitant also this will show up on your credit report. In case you are facing a cash crunch, try redirecting funds. A late payment fees on gas or electricity is usually nominal. You can use that fund to pay off your credit card bills. Priorities your bills accordingly.
2. Ask for reduction in interest rates: If you have consistently been paying a minimum amount for the past 12 months and have never gone over the spending limit then you can call up your credit card company to request for a reduction in the interest rates. Whether or not they agree to reduce the rates you can request the same at duration of every 6 months.
3. Make extra payments towards your credit cards: Even though one feels pressurised to put money for savings and investments, it is important to put all extra efforts to pay off your loans. The interest rates charged on credit cards are generally much higher than the interest rate at which you will be earning through your savings.
4. Lesser cards: 1 or 2 cards are enough to maintain credit history. A maximum of 3 cards in hand is manageable. If there are cards which do not have a balance on it but are still open then call up the Card Company and close that account. This will free you of the burden of maintaining so many cards at a time and reduce the risk of accumulating debt.
Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.
