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Settle Credit Card Debt
Credit cards and debt really do go hand in hand. As soon as you use credit cards you are in debt, the only choice is about how quickly you pay it back. The whole attraction of credit cards is that you do not have to pay it back quickly, so you can just make a minimum payment each month and pay the rest back whenever. The problem is that as soon as you do this you are racking up interest charges and if you keep adding to your credit card debts, which most of us do, you can soon find yourself in a situation where you cannot easily see how you are ever going to pay them off.
The good news is that there are ways to tackle the debt built up on your credit cards, and the route you go down will be determined partly by how much debt you have and the extent to which you can afford to repay it. It is best to avoid debt consolidation loans as they are just ways of transferring the debt elsewhere, though they can be useful if the interest on your cards is very high and you can get a loan at a much lower rate.
The most commonly used option for credit cards debt is a debt management plan, which is a way of consolidating your debt without borrowing any more money. For this to be possible you must have a steady income that allows you to make a payment each month into a debt plan. If your situation is very serious and you would struggle to ever repay what you owe, you may need to look at a debt settlement program, which is a way or writing off a good chunk of your debt.
Whichever option you choose you will need to find a reputable company to help you. Apply to a few before making any decisions. You can find a list of some of the most reputable organizations for both debt management and debt settlement on the main Debt Programs page of this site.
Credit cards and debt are inextricably linked and a certain amount of debt is inevitable when using plastic, unless you are extremely disciplined. It is hard to be disciplined when money is tight and there is a pressure to keep up with the lifestyle that others around us seem to be enjoying. Imagine walking into a shopping complex or a mall for a bit of window shopping and returning with nothing. How often does this happen? This is when we use our credit card without thinking twice.
Credit cards place us in debt only because it is mostly regarded as a way of extending our monthly expenditure. Suppose you do not have sufficient funds this month and badly want to buy something you really need. This is when you use your credit cards thinking you can pay it next month or the following month. Once you start using it, you will never want to stop, because it seems to very easy and one step removed from real money.
The problem with credit cards is that they can come with huge rates of interest for anything that you do not pay back immediately. While using it no one thinks twice about the rate of interest but when you see it mounting up on your statement is when you start feeling slightly sick. You will have to pay the original amount as well as the interest charges, plus any extra charges for late payment. You might think you can pay it the following month and if you are not able to, then your interest increases even further. This is what leads to credit cards debt and this is what card companies want to happen. They are businesses and they only make a profit if you do not pay your bill in full every month.
Credit cards debts have their own set of disadvantages. In addition to the actual interest and fees you have to pay, any failure to repay a card on time can be recorded on your credit record, which may prevent you getting credit in the future. Credit card debts are much higher in countries that are industrialized. Credit cards are freely available to anyone with a reasonable credit record in the US, and you can find yourself with multiple cards giving you the ability to spend much more money that you could properly manage to repay. Just because you are offered a big credit limit does not mean you have to take it. You can ask for an amount that you think would be right for you instead.
The debt that springs form cards usually brings your life into stagnation. You spend sleepless nights just thinking about your debts, worrying how to get rid of them. Credit cards debt is so painful. Your creditors keep calling you for payment and perhaps threatening legal action too. You sometimes ignore their calls but how long can you do that? You have to find a remedy.
Credit card debts can be curable and there are ways for you to get rid of the debts once and for all and sit at peace. In addition to the debt management and debt settlement options covered on the main Debt Programs page of this site, there is also the option of negotiating debt settlements yourself. You can find out more about how to do this on the main page on how to Negotiate Debt.
Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.