subject: Help With Credit Card Debt - Free Business Advice to Reduce Your Personal Credit Card [print this page] Help With Credit Card Debt - Free Business Advice to Reduce Your Personal Credit Card
For a consumer's financial freedom it is necessary for him to get rid of his card debts. By reducing your card debts you can use the same fund for your savings. This article will give you some pointers on how to reduce your debt amount.
1. Pay Off Your Credit Cards: Make a list of all your credit card debts with the smallest balance on the top and the largest at the bottom. Then try paying off the smallest balance loan first. Once you have done that you will have more money to pay off your other loans.
2. Do not use cards: Avoid the use of your credit cards. If you do not have cash to purchase something then don't buy it. In order to come out of credit card debts it is important that you stop using them.
3. Pay more than minimum: Paying only the minimum amount due on your bill will not help you reduce your loan balance. The minimum amount is generally 2 % to 3 % of the total balance whereas the interest rates charged is sometimes as high as 20 %.
4. Use all extra incomes to pay off: Any extra income that you might get should be used to pay off your debts. This will bring down your total debt amount.
5. Use your savings: If you have some savings then you must use them to pay off your loans. The interest rate that you are paying on your cards is much higher than what you are earning through your savings. With the debt out of the way you will be able to save up the same amount of money in no time.
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.
