How will I pay off credit card debt and still have enough money left over at the end of the month for other things? This is a question that more and more people are facing. Record levels of consumer debt have left folks scrambling every month to make ends meet.
The relative newcomer on the "pay off credit card debt" scene is debt settlement. Actually debt settlement has been around for a long time, but the credit card companies didn't want the consumer to know that they are willing to settle your debt for a smaller percentage of your total. In fact, a typical settlement amount is 50%, and some companies lately have been offering 20%. That means if you owe $1000, the credit card company would settle for $200. Great deal, huh?
Well, could be. Be aware however, your credit score will take a direct hit. And you will most likely have to endure a barrage of phone calls and mail from the credit card company. And, there is always the possibility of a lawsuit.
So how can you take advantage of debt settlement? One way is to hire a third party to handle everything for you. They will negotiate with your creditors to agree to a lower amount, and they should field all the phone calls. Their service does not come cheap however.
You can settle with your creditors yourself, saving thousands of dollars in the process. Many times, the creditors will offer a settlement amount automatically. In fact some of the so called debt settlement experts do nothing more than pass along a creditors settlement offer!
Do it yourself debt settlement is stressful, but it can be done, and has been done by many, many people who asked themselves "how can I pay off credit card debt?"
Do it yourself debt settlement is not difficult if you follow a few simple steps. Visit: DIY Debt Settlement to find out more.
John Phillips owns and operates http://www.ccdebtinfo.com
Article Source: http://EzineArticles.com/?expert=John_Phillips
Thursday, October 30, 2008
Getting Out of the Debt Pit
Gas prices are at an all time high. Inflation is up and just about every other American working class family is feeling the pinch of the economic crisis. Inevitably not just a few have resorted to loans in order to tide them over, on top of maxed out credit cards and checking accounts with insufficient funds. Debts are accumulating. The financial pit that you have gotten yourself into seems to be getting deeper and deeper. Can there be a way out?
Eliminating debt is the first big step towards financial freedom and perhaps, in the not so far future, affluence. This is because unless debts are eliminated or at the very least, efficiently managed, you will have to fore go savings and investments. The following are tips on how to get you and your family in action towards gaining full control of your financial status, saving up and towards slowly but surely eliminating debt.
Firstly, watch your spending and be extra conscious of where those dollars are actually going once it leaves your wallet and your bank account. Make sure you spend only for what is necessary. Lay down a list of your monthly expenses-- only that of the most necessary-- so that you may be able to allocate funds for these needs. Eliminate expenses which you can do without.
Grab every opportunity to save
If your credit card allows you to save 5% or 10% on your bill by paying a few days early, then plan your budget in such a way that you will be able to meet those early bill payments. Keep your radar on alert for discounted purchases, sales and discount coupons. However, when that red tag grabs your eye, or when a discount coupon makes it to your mail, make sure that it is a needed purchase.
Carefully read your bills
Make sure you are able to understand each and every item you see on your bill and make sure you understand exactly what you are paying for. Check your utility bills and try to monitor if your consumption is on the average or if you're reaping the benefits of the energy saving strategies being implemented at home. Watch out for sudden surges in electricity consumption. On the other hand, when reading your credit card bill check every entry and report any anomaly or inconsistency in your bill immediately. You may never know when an unauthorized purchase may have been made.
Get the whole family involved
Every member of your family-- your spouse and your kids-- everyone in your household, should be made aware of the financial predicament that you are in. When it comes to the countless ways with which you can save those precious dollars, let every family member pitch in. This way, your kids will be able to consciously contribute in your debt eliminating efforts. The few dollars that they may save by reducing electricity consumption by turning the volumes of their radio a tad bit lower or by earning a little bit extra from mowing the neighbor's lawn or by baby sitting for a close friend should count when you're getting out of the debt cycle.
The author writes for many websites geared towards helping people get out of debt and bring debt relief into their lives.
Article Source: http://EzineArticles.com/?expert=Cary_Anderson
Eliminating debt is the first big step towards financial freedom and perhaps, in the not so far future, affluence. This is because unless debts are eliminated or at the very least, efficiently managed, you will have to fore go savings and investments. The following are tips on how to get you and your family in action towards gaining full control of your financial status, saving up and towards slowly but surely eliminating debt.
Firstly, watch your spending and be extra conscious of where those dollars are actually going once it leaves your wallet and your bank account. Make sure you spend only for what is necessary. Lay down a list of your monthly expenses-- only that of the most necessary-- so that you may be able to allocate funds for these needs. Eliminate expenses which you can do without.
Grab every opportunity to save
If your credit card allows you to save 5% or 10% on your bill by paying a few days early, then plan your budget in such a way that you will be able to meet those early bill payments. Keep your radar on alert for discounted purchases, sales and discount coupons. However, when that red tag grabs your eye, or when a discount coupon makes it to your mail, make sure that it is a needed purchase.
Carefully read your bills
Make sure you are able to understand each and every item you see on your bill and make sure you understand exactly what you are paying for. Check your utility bills and try to monitor if your consumption is on the average or if you're reaping the benefits of the energy saving strategies being implemented at home. Watch out for sudden surges in electricity consumption. On the other hand, when reading your credit card bill check every entry and report any anomaly or inconsistency in your bill immediately. You may never know when an unauthorized purchase may have been made.
Get the whole family involved
Every member of your family-- your spouse and your kids-- everyone in your household, should be made aware of the financial predicament that you are in. When it comes to the countless ways with which you can save those precious dollars, let every family member pitch in. This way, your kids will be able to consciously contribute in your debt eliminating efforts. The few dollars that they may save by reducing electricity consumption by turning the volumes of their radio a tad bit lower or by earning a little bit extra from mowing the neighbor's lawn or by baby sitting for a close friend should count when you're getting out of the debt cycle.
The author writes for many websites geared towards helping people get out of debt and bring debt relief into their lives.
Article Source: http://EzineArticles.com/?expert=Cary_Anderson
How to Beat Credit Card Debt With Credit Card Alternatives
Buying stuff online is great, even my Nana has bought yarn online. These days purchasing stuff online is one of the main reasons we have credit cards. The trouble is credit cards also cause impulse buying and ability to rack up huge amounts in a short time and all the fees and interest charges that come along the way.
A smart credit card alternative is the Visa Debit Card:
Debit cards
You've seen the ads where the guys "pay for the pizza with their own dough". That ad is about debit cards, basically cards that use your own cash instead of the bank's.
Otherwise it functions just the same as a credit card - the best bit is that there is no debt, and no fees or charges. So the banks aren't screwing you, in fact some banks even offer a split card with an ATM function as well as a debit function.
Is there a catch?
You must have sufficient cash to cover your purchases. So if you don't have the money, then you can't make the purchase. But if you didn't have the money, should you really be buying the item anyway?
This is the 21st century and you don't have to be cut off from the world of online shopping if you don't have a credit card. You too can be buying up eBay bargains - all with your own cash without the worry of credit card debt hanging over your head.
So, if having a credit card worries you, or you've fallen into the credit card debt trap before - get yourself a debit card!
Visit http://www.barefoot.com.au for more free information and advice about personal finance from Scott Pape - for the best credit card recommendations, mortgage and interest rate reviews, loan comparisons, recommended high interest savings accounts and the best sneaky deals and discounts in town!
Article Source: http://EzineArticles.com/?expert=Scott_Pape
A smart credit card alternative is the Visa Debit Card:
Debit cards
You've seen the ads where the guys "pay for the pizza with their own dough". That ad is about debit cards, basically cards that use your own cash instead of the bank's.
Otherwise it functions just the same as a credit card - the best bit is that there is no debt, and no fees or charges. So the banks aren't screwing you, in fact some banks even offer a split card with an ATM function as well as a debit function.
Is there a catch?
You must have sufficient cash to cover your purchases. So if you don't have the money, then you can't make the purchase. But if you didn't have the money, should you really be buying the item anyway?
This is the 21st century and you don't have to be cut off from the world of online shopping if you don't have a credit card. You too can be buying up eBay bargains - all with your own cash without the worry of credit card debt hanging over your head.
So, if having a credit card worries you, or you've fallen into the credit card debt trap before - get yourself a debit card!
Visit http://www.barefoot.com.au for more free information and advice about personal finance from Scott Pape - for the best credit card recommendations, mortgage and interest rate reviews, loan comparisons, recommended high interest savings accounts and the best sneaky deals and discounts in town!
Article Source: http://EzineArticles.com/?expert=Scott_Pape
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