Simple Strategies to Eliminate Debt on Your OwnWritten by Katie Spencer
The debt rates are climbing tremendously and not many people seem to be taking it seriously. If you are in debt, you are not alone but you might be standing in wrong crowd if you haven’t gotten help with your debt yet. Many leave problem unanswered only digging themselves further and further into debt. If you are in debt you might find burden of it adding stress to your life as well as taking time away from performing normally during daily activities. It takes persistence and dedication if you want to get out of debt and stay out. Getting out of debt may take a while but you will become much more stable financially and emotionally once you get out of debt. Here are five tips to follow that will lead you in right direction toward eliminating your debt. Pay more than minimum payment each month. The usually minimum payment is only about 2 to 3 % of your balance meaning if you owed $5000 on a credit card with a 2% minimum payment you would only be paying $100 toward decreasing your debt and majority would be applied towards interest. So if you pay more than minimum payment required each month you'll be surprised at how fast your credit card balance goes down. Next, cancel all of your credit cards by calling all credit card companies except for credit card that gives you lowest interest rate. However, even though you still have a credit card, don't use it unless it is absolutely necessary.
| | Debt Consolidation - Free Information About Consolidating DebtWritten by Carrie Reeder
Millions of consumers across globe are searching for a way out of debt. Credit card bills, loans, and other unsecured debts have left many people unable to meet their monthly expenses. If you have found yourself in this position, don't feel alone. High interest rates and late charges can make paying down your credit card balances nearly impossible. Debt consolidation companies can help you pay off your debts and restore your credit rating.Debt consolidation is not a loan. Debt consolidation companies can help you lower your monthly bills and allow you to pay off credit card bills and other loans that may have fallen behind due to outrageous interest rates and fees. A debt consolidation company will contact each of your creditors and help you to lower your current interest rates and monthly payments. Generally speaking, debt consolidation company contacts each your creditors to make arrangements in regard to your account. The debt consolidation company will then inform you of new interest rates and fees creditor has agreed to accept. You will make one monthly payment to debt consolidation company who in turn distributes appropriate amounts to your each of your creditors. You may also contact a debt consolidation company who will contact your creditors, make arrangements on your behalf and charge you a fee for this service, after which you will continue to make your monthly payments to your creditors but at a much lower rate.
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