Eliminate Credit Card Debt
In the United States and Canada, the average person is likely to have an outstanding balance on their credit card. It may be a small amount, but it’s still considered debt. If you are among the ever increasing rate of people that have stacked up a large amount of debt on their credit cards (and i’m guessing you ARE if you’re reading this!), you will want to continue reading about how to eliminate credit card debt forever.
It’s becoming increasingly difficult to pay off credit cards, mainly due to the following factors:
1. The current economic slowdown across North America has left families and individuals with less residual income, and thus turn to credit cards to make up for the difference.
2. Soaring interest rates that can range from 10% all the way up to 30%
3. Making only the minimum monthly payments, which will potentially end up costing you thousands of dollars in interest payments over the course of a year.
Although the above factors make it difficult for the average person/family to eliminate credit card debt, there are a few quality solutions and can help you pay off credit cards and be on your way to becoming debt free. First, I will show you a method that is effective, but will take considerable time (depending on your level of debt of course). At the bottom of the page, I will also recommend a quicker and more powerful way to eliminate credit card debt. Here’s the first method:
1. Get out a piece of paper and write down the names of all your credit cards, their interest rate (you do know that, right?!), the minimum monthly payment, and the current debt accumulated. This is an important step to get you organized.
2. Next, order your credit cards from highest monthly interest charge down to the lowest.
3. Now calculate the total minimum monthly payment for all your credit cards combined. This number will be the ABSOLUTE LOWEST amount that you will pay off every month.
4. At the end of each month, pay the minimum monthly payment on all credit cards EXCEPT the one with the highest interest. Try to put more than the minimum on this card every month.
5. As you get your highest interest credit card paid off, move the credit card with the next highest interest rate into that position and repeat the process over again until all your credit cards have been paid off.
As you can probably see, this method will take some time and a lot of dedication. If you would like to try a more efficient method to pay off credit cards, and you live in the United States, I suggest you give Debt Consolidation Headquarters a try. All you have to do is fill out the form on the homepage and they will give you a free consultation. For those of you who do not live in the US, I would recommend a service from Scott Stephen called Ultimate Debt Guide. I guarantee that by using one of these services that you will eliminate credit card debt in no time!
Great read with some worthy advice to make sure debt remains in check…..However, if one finds themselves in hot water..I believe debt consolidation is still one of the most rewarding financial means to get your finances back on track…
Hi Michael,
I agree with your comment….especially if you have many different debts to pay off. It’s nice to have it all taken care of with one payment and not worry about missing a payment when trying to keep track of so many.
Kevin
Phew in short you have to work more and my top tip force your self to stay in! It’s not that bad trust me the next day is just another day and what happened the night before you cant miss now!
Learn to chill and just stay in for a bit, apart from consolidating debt don’t borrow more it’s YOU thats got into this situation YOU have to change borrowing more wont stop how you behave which is way your in debt.
P
Yeah, it’s really nice to have your depts paid all at once than keeping a track of the payments whether you have paid it already or not.
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Eliminating credit card debt (and other debts such as car loans and student loans) is foundational in terms of building wealth and protecting yourself and your family from economic fluctuations.
Personally speaking, I recommend using Dave Ramsey’s plan of building an emergency fund, then paying down debts one by one using the debt snowball technique and gradually working towards being totally debt free. Imagine that – living life without any payments!