It is unfortunate but true: credit card debt is such a thing that once you get into it, you’d find it difficult to get out of it. It becomes a vicious circle for you and however much you want to come out of it, it continues to make your life a hell. Good news is that you can eliminate your existing credit card debt today if you want to! In this article I will tell you how to do that.
It is a fact that people with a high proportion of credit card debt find it difficult to meet even their normal expenses. While you, as a consumer, may find it extremely difficult to pay up the interest rate regularly, guess who is raking in the moolah? Well, the credit card companies of course! They would squeeze your wallet dry before you even know it! Just in 2006, they had a pure profit of 91 billion dollars in credit card interest alone, not to mention that they received another fifty billion dollars in various fees such as late fees, credit card fees, etc.
So if you want to eliminate your existing credit card debt and meet your regular financial obligations then it is high time that you take a look at your current financial situation and reassess the extent of actual debt. For this purpose, you need to gather all your past account 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. Whichever way you want to go, you need to take action now! Do something to eliminate your existing credit card debt or the amount of your credit card debt may become so high that one day you might have to sell your valuable assets, including your house, in order to repay it! So take action now while there is still time and eliminate your existing credit card debt today!
If you need more information on how to eliminate your existing credit card debt today, [adrotate banner=”15″]