The best strategy to erase credit card debt

Written by Bill A Smith


The best strategy to erase credit card debt

Credit card debt is a growing sickness inrepparttar United States and Europe. It is very important to eliminate debt and take control of your financial health.

Inrepparttar 139373 below section, I have listedrepparttar 139374 best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

  • In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.

  • Sortrepparttar 139375 list in ascending order of interest rate so thatrepparttar 139376 credit card with highest interest rate is atrepparttar 139377 top andrepparttar 139378 credit card with lowest interest rate is atrepparttar 139379 bottom.

  • Make a count of minimum payment of allrepparttar 139380 credit cards inrepparttar 139381 list you just created.

  • Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more thanrepparttar 139382 minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.

  • Each month pay offrepparttar 139383 minimum on all your credit cards. However, onrepparttar 139384 credit card withrepparttar 139385 highest interest rate, payrepparttar 139386 minimum plusrepparttar 139387 additional amount you have saved to pay off your credit card debt.

Will You Qualify for that New Mortgage or Re-Finance?

Written by TrimYourDebt.com


The Federal Reserve continues to raise short-term interest rates, but long-term mortgage rates are still at 40-year lows. This may be one of your last opportunities to lock in great interest rates below 6%. So, we put together a brief checklist for you to follow in order to make sure thatrepparttar process goes smoothly for you.

First, it is a good idea to check your credit report to make sure there will be no surprises when your lender takes a look at it. You can get a free copy of your credit report and credit score at http://www.trimyourdebt.com/GetYourCreditScore.aspx. Remember a score above 700 usually means you will getrepparttar 139265 best interest rates. Usually a rate below 680 is considered to be of higher risk and sorepparttar 139266 lender requires a higher interest rate to mitigaterepparttar 139267 increased risk of loss.

If you find any incorrect information in your credit report, be sure to get it cleaned up before applying. Cleaning up negative items from your credit will also ensure that you get a better credit score. For information on how to get your credit cleaned up before you get that new mortgage, visit http://www.trimyourdebt.com/CreditRepairGuide.aspx.

Next, list out all ofrepparttar 139268 debts reported on your credit report and add up all ofrepparttar 139269 monthly payments. Also include what your payment would be with your new mortgage. In order to estimate your monthly payment with a mortgage interest rate of 6%, you can use $6 per thousand dollars of mortgage. So for example, if you need a $150,000 mortgage, then multiply 6 times 150, which equals $900 per month. Add this payment torepparttar 139270 other monthly debts listed on your credit report and this will be your total debts.

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