Credit card debt relief is what those who are mired in this type of obligation need. With this type of debt it is good to do one's best to get out of the hole. So the answer is simple. Just stop digging that hole and start getting out of it. Get the card out and start looking at the statements.
What, you have more than one card? How many do you have? Don't worry, what's done is done. We'll just have to pay off the obligation one card at a time. There is no blaming in this website. This can happen to anybody anyway. And it's only bad if we do not do anything about it. So let's roll up our sleeves and get to work. What we want are solutions.
The first step to do when it comes to credit card debt relief is to stop using those cards. Then try to negotiate the rate and payments with the credit card providers although if the FICO score is not good (There will be more on this later.), there won't be much room for bargaining. Here are the guidelines to follow after requesting for a lower rate from all the credit card providers:
1. Pay the minimum amount due every month for every card.
2. For the cards with the highest interest rate, add a bit more than the minimum amount due each month.
3. Keep doing this until the card with the highest interest is paid. It is not a good idea to cancel this card despite the plan not to use this card again. Why? Because it will reflect on the FICO score.
4. After paying off the card in #3, add the payment that was supposed to pay for this card to the payment for the next credit card with the highest interest rate.
5. After having started paying off the card in #4, the FICO score should go up. Now this may qualify one for a card with zero % rate. In this case, it will be wise to transfer the other balance to this new card.
6. If unable to transfer all the balance to the Zero% card, keep paying off the card with the highest interest rate.
Before we continue, I know some of you are getting hurt. It is not easy to remember everything we have to do. There is the job to go to that consumes eight hours every day. Then we have to look after the home and family. So all of us really need reminders from time to time. Not only that for there are four steps in the learning process to go through before we can follow instructions.
Unless we get a coach or a guru which is expensive. Besides, the concept of "who do we listen to" is very important. It has to be someone who has been there and gone through the stages and has gotten the results we are aiming for. And it has to be someone with a heart and not just out to get our money. And these days, it is difficult to know for sure because it seems like every Tom, Dick, and Harry can say he can help. So that leaves us the only other thing we can employ and that is through repetitions.
So to do my good deed, I am going to offer a five-day mini course to remind you of some specific things that will help manage the debt. You can be reminded exactly what to do from day to day and year to year on things we sorely need so we do not forget some essentials.
As a bonus, after the five-day mini course, you will get alerts and tips just in case there are new things you need to know. The most you will get is once a week and you can always unsubscribe anytime. Those who are already subscribed to the alert and tips can unsubscribe so they will not receive it twice or delete one each time. There will be an unsubscribe button at the end of every mail you receive.
End the credit card offers. If you are like me, you must be receiving dozens of prescreened offers through the mail. Sometime I am annoyed; at times I feel good because I am pre-approved. But really what we should do is put a stop to that for this will not help us get the credit card debt relief that is our goal. The good news is we can opt out. How?
The Federal Trade Commission can help. They can help one opt out of receiving these offers for five years, even forever. Just call this toll-free number 1-888-567-8688. Or if preferred, do it online at www.optoutprescreen.com. All the details will be there.
If you must absolutely have a credit card for once-a-year gathering of friends or some other event, as long as you promise to use it responsibly, then I will tell you my most favorite of all credit cards. They have everything I need in a creditcard.
Think you've got it bad with the fees your credit card charges you? Well try this: $247 up-front, for a $300 credit line... And that's not the worst of it! There is an advice in this video on getting the right credit card.
Quick tip: Ms. Spears of debtconsolidation.com said that instead of asking for a lower interest rate or for more time to pay the bills, they want to get the principal reduced. She said large corporations and businesses do it and come out debt-free. Why not the consumers too? They should have the same privileges just like the big guys without having to file for bankruptcy.
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