ANALYSIS
End annoying phone calls from creditors and reclaim control of your life. Don't let debt ruin your good name and your credit. If you're in debt, our professional team of debt relief experts will evaluate and assess your debt - free. Our experts will then formulate a payment plan that will reduce or eliminate interest payments on accumulating debt. In most cases, you will even be able to reduce the total amount owed to your creditors.
We have helped thousands of people just like you reduce and eliminate their debt -- and now it's your chance to get out of debt for good. The analysis is absolutely free, so don't delay. Get started now and enjoy a debt-free lifestyle.
Tips for reducing your credit card debt
These simple tips, along with our free debt analysis, will help you reduce your debt by thousands of dollars.
Interest Rate Awareness:
We can not stress enough the importance of being aware of interest rates when using your card(s). Please utilize the lists above!!! High rate cards can be put a BIG dent in your pocketbook. To illustrate our point again, a cardholder with an average balance of $2,500 and a 19.99% purchase rate will pay $1000.00 in interest alone in just two years! The same cardholder would pay only $400.00 in interest if the rate were lowered to 8.00%, a difference of $600.00! Also, be aware of cash advance rates. Cash advance rates are typically much higher than purchase rates and usually there is no grace period for cash advances (not to mention cash advance fees). Therefore, avoid cash advances if at all possible.
Taking Advantage of Promo Rates:
While introductory or "teaser rates" are generally short lived and are intended strictly to entice consumers, savvy consumers can benefit a great deal from promotional rates. Look for cards that offer longer term introductory rates and longer term promotional rates on balance transfers (6-12 months). Some cards even offer very attractive long term promotional rates on balance transfers...rates that are good until the dollar amount transferred is entirely paid off!
Consumers that have more than one card with available credit can transfer balances between cards in order to take advantage of promo. transfer rates (a ploy known as "card dumping"). Finally, when the promo. rate period ends (for transfers), it is a good idea to call the card company and request an extension of the rate. Consumers with a good payment history often get extensions. You must be aggressive when dealing with credit card companies! You can also negotiate to have your regular interest rate lowered. Threatening to pay off a given card often puts consumers in a bargaining position when dealing with credit card cos.
Avoiding the Minimum Payment Pitfall:
One of the greatest card pitfalls is making only the minimum payment each month. Make every effort to pay over the minimum each month, even if it is only a few dollars over. The long term impact of making "just the minimum payment" is devastating. According to Consumer Credit Counseling Services, paying the $60 minimum payment on a $3,000 credit card balance would take eight years to pay off and would translate into $2,780 in interest! By paying only $50 more a month, however, the debt would be paid off in three years and result in a savings of $1,800 in interest charges!
The Graceless Grace Period:
Avoid cards that begin computing their graceperiod at the time of purchases, rather than billing. Only a few cards still use this method of interest computing, but there are still some out there. Keep your eyes peeled!
Credit Counseling Services:
Nonprofit debt management programs can be very helpful when you have over $10,000 in total debt. Big Debt Solutions, a nationally recognized organization, offers a free debt analysis that only takes a few minutes to complete. Such programs negotiate with creditors and often can lower interest rates and paymentsby 50% or more! Furthermore, participation in such programs helps safeguard against bankruptcy.
