Search
Recommended Sites
Related Links






   

Informative Articles

Christmas Loans - for a New Year Without Debts
For many people, a lavishly spent Christmas is sure-shot sign of the New Year being tumultuous; at least until the debts have been fully repaid. A study undertaken after the Christmas of 2004 showed that one out of every five people would continue...

How to Avoid Bad Equity Loans
The Federal Trade Commission has issued alerts to homeowners–and specifically homeowners who are elderly and poor–in recent months. The market is swarming with mortgage lenders providing equity loans and some of these lenders are taking...

The FTC and Your Free Instant Credit Report
Thanks to the FTC, everyone can now get access to a free instant credit report. Whether you live in Los Angeles or New York, you can still get a free instant credit report and from the comfort of your own home. There used to be a time when...

What Exactly Is Personal Debt Consolidation?
Personal debt consolidation doesn't mean handling the credit payments individually; rather, it means taking a personal debt consolidation loan to reduce your overbearing debt burden. Taking a personal loan for debt consolidation is a unique...

What is a Tenant Loan?
Ever wondered what is a Tenant Loan? A tenant loan is another term for an unsecured personal loan. Tenant loans are aimed specifically at people who do not own any property. Tenant loans are a way for those people who rent their accommodation from...

 
Bill Smith


The best strategy to erase credit card debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.
Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.
Make a count of minimum payment of all the credit cards in the list you just created.
Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.
Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.
Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.
Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.
In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.

Ameri debt services provides debt counseling, debt consolidation and debt management to customers. Visit us at http://www.ameridebtservices.com for free debt counseling tips, free debt consolidation articles and non profit debt management services.


Sign up for PayPal and start accepting credit card payments instantly.