subject: Stop Credit Card Debt - How to Make the Credit Card Companies Eliminate a Percentage of Your Debt [print this page] Stop Credit Card Debt - How to Make the Credit Card Companies Eliminate a Percentage of Your Debt
With the interest rate on the balance on your plastic calculated at anything between 10 and 30 percent, you will find yourself swimming against the tide just to pay off your dues.
All of us would like to totally stop credit card debt but that can seem thankless and futile task at best. However, there are indeed methods to eliminate a percentage of your debt, which is better than nothing when you think about it.
This elimination of outstanding dues is one way to stop credit card debt. You should first list out all the cards you have, along with their dues, minimum balance and interest rate, all available on your monthly statements. That done, sequence the cards by interest rate, with the highest one on top in descending order then add up the minimum payments. The eventual total is your lowest monthly minimum payment.
You should next look at your budget and try to make a bit of room to pay an extra amount, however small, along with the minimum balance, which will make a dent in the amount you owe.
When the next monthly bills come along, pay the minimum balance on all the cards except for the one placed on the top of your list based on it being the highest interest rate. Whatever money you have set aside from your budget as the bit you can afford towards your dues should be applied to that particular card along with its minimum balance.
You should continue with this until the first card, which has the highest inters rate, is paid in full,. Then it becomes easy. With one card out of the way, you now have the money to start paying on the other ones by using the minimum balance and the extra money you were putting into the first card to those remaining.
It is a process where gradually you will have paid off all your cards and brought a full stop to credit card debt. You will get a sense of relief as you see one card after another fall by the wayside as you make your payments and bring a stop to credit card debt.
Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.
