To eliminate credit card debt, you will need to come up with a tough plan for yourself. You will have to exercise self discipline!
First of all, you will have to find out what your credit score is. Too many active credit card accounts will pull your score down. If your credit score is low, you will have to come up with a tougher plan!
Assuming that your credit score is in the good range, i.e 650-730, it will be easy for you to call around, or look around, for some zero percent, interest rate credit cards. Bank of America, is offering a plan now, called a “Clean Sweep” program. The idea is to consolidate and isolate all of your credit debts. In addition, this will lower your monthly payments.
Once you have isolated all of your debts into one account, you will find that you will have a new level of focus. This will, in turn, give you a better sense of control!
Depending upon how much credit card debt you have, will determine the length of time that it takes, for you to pay it all off. The best way, is to set your sights on a goal.
Getting additional employment is a good place to start! Cut back on everything in your life for that set time! Remember, that every dollar paid off, is less interest paid to the loan company. Try and make double payments, or even triple, if you can! Just pay it off as soon as possible and be done with it!
Zero percent credit cards are designed to attract business and those offers are only available for a short period of time. You have to be hard on yourself, but it is the only way to do it, otherwise, your debt will grow out of control!
I have seen so many people struggle with credit card debt; Some say it is best to pay off one card at a time, but, this is still out of control! You will be paying unnecessary interest on your other cards and a lot of the time, you may find yourself back to square one!
If you are unable to consolidate and isolate; Call all of your creditors and ask them to reduce your interest rates; Even, if it is for a limited time. This way, you will know that you have done your best and you are ready to take the matter in hand!
In recent months, the credit card company practices have come under much scrutiny by the media; Because of this, there are now better programs available that are designed to help us get out of debt, especially now that the bankruptcy laws are much stiffer.