Credit Card

Use This Credit Card Debt Help Guide To Reestablish Control Over Your Finances

Credit cards are wonderful things to have, most of the time. They allow you to finance large purchases, handle expenses you didn’t see coming, and have extra layers of protection and security that cash, checks, and debit cards don’t give you. They really shine in two particular areas, which are vacations or travel, as well as rewards programs. Not all credit cards have rewards programs, but the ones that do let you do anything from save up for airline tickets to finance down payments on new cars. Also, most credit cards let you do things like rent cars without going through a lot of paperwork or have insurance while on cruises or the like.

Unfortunately, for all their advantages, credit cards can become a lot of trouble. Just paying the minimum payments, missing or being late on payments, and the high interest rates can all snowball into problems very quickly. Fortunately, you can use some of the following steps in this credit card debt relief guide to clean up your situation:

The first thing you need to do is organize your paperwork and documents. Even if all your statements come to you online, just write down a list of all your cards, their due payments, and their total balances. This gives you an overview of the total situation.

Secondly, call each card issuer and talk to them. They don’t want to lose you as a customer, but they’ll only tolerate a card going so far behind before they cancel the card and send the account to a collections agency. However, many of them will work with you on a payment plan to get current. Take advantage of any offer they make to waive fees.

Third, see if there’s any balances you can transfer from one card to another. This almost always makes sense if you can move a balance to a card with a lower interest rate. That combined with one less monthly payment saves you money twice.

Fourth, pay one card all the way down. Either choose the one with the highest interest rate or the one with the smallest balance. Either is a good start in eliminating your credit card debt.

Use this credit card debt help guide to stay on top of your cards. Your available credit, your monthly payments, and your credit score will all reflect your hard work.