Credit Card has become part of our day to day life, with so many benefits it has, it’s not easy to avoid purchasing on it and avoid Credit Card Debt. But there may be various alternatives to avoid Debt. These Steps explained in detail below could be so useful that if followed with proper guidelines and directions can surely lower your Debt. It’s nearly obvious that if you are an American then you must have got a credit card and if you have got a credit card then you have probably got more than one card and if you have credit cards, there’s a very high possibility that you carry a balance. Here are ten ways to straight away lower your total credit card debt: 1. Calculate how much total debt you have so that you can devise a plan accordingly. 2. Put your Cards in descending order by interest rate, with higher rate of interest card first. 3. By this time you know which of the cards have the highest interest rate, so start making call to the Credit Card Company & ask them to put your interest rate down, this may sound comical but these things do work and if they refuse your request, ask for a supervisor and request it again. 4. Rearrange your list in the similar downward order. 5. Check if there are any special interest rates or promotional offers that may be expiring shortly. If you have a card with 0% interest rate then it will be at the bottom of your list, but if it changes after a month, it may be the uppermost on the list quite soon. 6. Now, make a second list – write down total balance you have on each card. Arrange this in descending order as well. 7. Finally a third list. This will involve a little mathematics. Get the total balance on each card, and divide it by total credit limit on the card. This will give you “debt-to-limit” percentage. This list will also be in descending order. 8. By this time, you have three lists. Each list will probably be in a somewhat dissimilar order. This step requires a decision to be made that what is your most important objective to 1) get rid of debt quickly, 2) pay as minute interest as feasible, or 3) improve your credit score? 9. If you want to get rid of debt quick then you should pay bare minimum balances on all the cards but the top 1 in each of the first 2 lists (obviously while avoiding any new purchase on your card). If you want to pay as modest interest as possible, pay as much as feasible on the top card on the first list. If you want your credit to improve, you should pay off the cards in the order of the third list we made. 10. Maintain it! If you don’t accumulate new debt, and continue paying down your cards in the order of the lists we made, you’ll be surprised how speedy you can get the credit card “monkeys” off your back. Finally, credit is not a bad obsession, but you need to be watchful when you are looking at getting a new credit card. Do a comparison among the variety of Credit Cards available.
About the Author:
Visit our Credit Card website to apply for Online Credit Card and Visa Card
Thu, 31 Jul 2008 08:32:35 - 100%
Article Source: Find Articles - Reprint Rights feel free to publish this article on your website but you must agree to leave all active links contained within 'About The Author' intact and "as is" and NOT hidden behind a java or redirect script.