Clear Credit Card Debt: Keys To A Debt Free Financial Future

Nov 18, 09 Clear Credit Card Debt: Keys To A Debt Free Financial Future
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Since the recession began, more people have taking this as an opportunity to clear credit card debt.  Before the financial sector collapsed in late 2008, Americans were awash in cheap credit that eventually led to credit card debt problems.  Spending rose exponentially as savings decreased to below zero.  However, the nation has undergone a national sobering process.  Getting rid of credit card debt is now of preeminent concern.

The keys to a debt free financial future are in your hands.  However, becoming debt free is not easy.  You can find yourself in deep debt in no time at all.  Trying to get your head back above water is a tedious, time-consuming process that will test the limits of your patience and resolve.  Yet, it is all worth it when you finally achieve your goals.  Here are a few suggestions that will help you clear credit card debt.

One novel method of eliminating your credit card debt problems is to make a tally of all your credit cards with interest rates, outstanding balances, and minimum payments.  Then list the cards in descending order according to the card with the highest interest payments.  Make the minimum payment on all of the cards, except any extra money goes toward the card with the highest interest rate.  Once that card is paid off, repeat the process for the other cards.  By attacking the card with the highest interest rate, you will eliminate an expensive payment that is designed to keep you in debt.

Congress also passed increased consumer protections with the Credit Card Act of 2009.  Many people are not aware of their new rights and credit card companies are not exactly dying to notify you of these new protections.  Investigate this act and begin taking advantage of the provisions designed to help you negotiate your credit card debt.

You can also call and negotiate with credit card companies directly.  Because these companies fear default, they are more than willing to negotiate extremely favorable settlements with you.  By making a payment arrangement for a lump sum or a few large payments, you may be able to save more than 60% on your outstanding balance.  Getting rid of credit card debt is difficult.  Yet, if you are committed to a debt free future, you can definitely take steps that will improve your position.

You can find more information about eliminating your credit card debt here: http://www.dacscotland.co.uk/debt-consolidation/

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