Credit Card Debt Elimination: Kicking the Burden Off Your Back
October 11, 2007
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Do you have a hot and heavy fire-breathing dragon panting down your neck? Is it’s name “Credit Card Debt”? Are those payments starting to be too much for you to handle? Does it seem like the more you pay the more you end up owing because the high interest rates are costing you a fortune? Well, it’s about time to learn about eliminating credit card debt and get on with your life.
You know you could pay down your debt – if only you could afford to make the payments! One way to make things more affordable is to negotiate with your lenders to lower the interest rates. Just having less interest to pay out each month would be a financial improvement for you.
But before you call those high interest charging lenders, do some research and try to find a credit card with a low interest rate. If you qualify for the card, you may be able to transfer your high interest debt to the card with the lower interest rate. Apply for the card and get the low interest card, then start calling.
Call each lender and try negotiating a lower interest rate. If a lender tells you no, tell him that you’ve received an offer for a much lower rate and that you’ll transfer your entire balance to the new card if they won’t grant you this concession. If they still say no, and if the high interest credit card also comes with an annual fee, ask them to at least grant you a waiver on the fee.
Do this with each creditor. Keep good records, because at this point you are the score keeper. You are in control because you are taking charge of your own financial well-being. Once you’ve contacted each creditor and you know where you stand, start transferring your high-rate balances to the lower interest credit card account. You may want to review your credit report closely to see if keeping those high interest accounts open (but empty, at this point) might help improve your credit score and raise your debt-to-credit ratio.
About the Author:
Valery “Val” Mackie has been working on credit report issues ever since the sad day she realized her parents never kept a checkbook, and therefore never showed her how to balance on. Watch as she raises here credit score and gets out of debt at RaiseMyCreditScore.tumblr.com
Posted in Articles
Valery "Val" Mackie is an ordinary citizen of the United States of America (probably not unlike yourself). Her mission is to fix her credit report by January 3, 2009, while showing you how.
