subject: Abolish Outstanding Debt - End Ongoing Credit Card Debt With These Tried and True Financial Plans [print this page] Credit card debts can be very stressful because with every passing month a heavy interest rate gets added to your existing balance and if you have been a little too easy on your spending then there will be an over the limit charge as well. All these charges add not less than a few hundred dollars to your existing balance. Hence a consumer has to make deliberate efforts to get out of this problem.
1. The first step should be to stop using the credit card for any further purchase. Use cash to buy anything you want. Using the credit card will only push you deeper into debt as it allows you to spend the money you do not have.
2. Don't miss out on your payment deadline. Every time a payment reaches the creditors late they add a late payment fees to your account. This penalty charge increases your balance by at least a couple of hundred dollars. If you are going to be late with your payments pre-inform your creditors so that a penalty charge is not added on your account and it is not reported to the credit bureau.
3. Give a call to your credit card company and ask if there are any lower APR offers available. If you can get even 2 points lowered it will make a lot of difference. Most of the credit card companies co-operate with their clients in reducing the APR.
4. Pay more than just the minimum amount every month. The minimum amount is generally 2% to 3% of the total balance whereas the interest rates being charged on the account is much higher. By paying more than the minimum you will be paying off a part of the balance.
Abolish Outstanding Debt - End Ongoing Credit Card Debt With These Tried and True Financial Plans
