Credit card debt is like a vicious circle. Once you get into it, it is difficult to get out of it. Fortunately, there are ways you can tackle this problem. In this article I will tell you how to eliminate high interest debt today.
It is sad but true: people who have high proportions of credit card debt find it difficult to make ends meet. While the consumers find it difficult to even pay the interest rate regularly, it is the credit card companies which are riding high in profits. Believe it or not, these credit card companies are sucking the consumers’ wallets dry, as per the stats. In the year 2006, credit card companies had a record profit of more than 91 billion dollars in credit card interest alone, not to mention that they raked in more than 50 billion dollars in credit card fees and late fees.
If you are a consumer who is overburdened with credit card debt and are finding it difficult to meet the monthly financial obligations, it is time to take a look at your financial situation and also reassess your debt. To do this, collect all your past credit card statements in one place. Then note how and why you are unable to pay the debt on time and how the interest rate is accruing over the months. After doing this, you should be able to get a realistic understanding of your current financial position and see if you can manage to pay the debts within a reasonable time frame and thus save yourself from the burden of high interest rates.
You can use an Excel worksheet to calculate your finances and work out your monthly payments. After reviewing your debts, if you think that the amount of debt is too high for you to pay up within a reasonable time frame (say, within a month), then it is time to look for other options and seek help. As a consumer, you have options such as Debt Settlement, Debt Consolidation Loan, Consumer Credit Counseling and bankruptcy. Note that most people use bankruptcy only as a last resort, so try out the other options first to see if they can help you. Whatever you do, it is time to take action now. If you delay, the amount of your debt will get so high that one day you might have to sell all your assets! So take action now to minimize your debt and do whatever it takes to eliminate high interest debt today.
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