subject: Credit Card Debt Settlement - An Aggressive But Efficient Method to Eliminate Credit Card Debt [print this page] Most of us today have a huge pile of unsecured debts to handle. Being broke has become a regular affair and most of us are sick of it. Everyone wants to pay off their debts as soon as possible and this article will tell you how you can aggressively but efficiently eliminate your credit card debts.
You will need a strong will power to counter your debts and will have to stick with it in order to reduce and finally eliminate all the problems. You will need to cut back on some of your expenses for a period of time and direct this saving towards paying down your debt.
Consolidation of debt and paying it off is a good method of eliminating debt without lowering your credit score. This method will help you get a new loan with lower rate of interest to pay off your other debts. The only concern being the tenure of the loan. It will take much longer for a debtor to pay off this loan than the other loans. Hence he will be paying much more to his new creditors.
If your finances allow you to pay down your debts on your own then you must have a payment plan like snowball method. Here you must first target those loans which have the lowest balance and pay them off while maintaining minimum payment on all other account. Paying off lower balances is much easier and will also boost the confidence of the debtor. If the debtor has more than one loan with the same balance then he should pay off the one with the highest interest rate.
Debt settlement can be the most aggressive way of tackling your debt. Here you will have to negotiate and convince your debtors to settle your account for less than what is due on the account.
Credit Card Debt Settlement - An Aggressive But Efficient Method to Eliminate Credit Card Debt
