The main problem with the credit card is not the fact that we have to pay large monthly installments, but that we are continually adding new charges in our report. If you have the credit card as a present and continue to make the payments until you destroy the present and the garbage, you may be in a better position than a store clerk, insurance salesman or bank hold up caller services. I’m going to show you some ways to take control your financial position, thereby avoiding future problems with mounting debt that become unmanageable if you don’t.
Get out of your current ‘cash structure’. Get rid of your credit cards – never mind the revolving accounts. Get rid of your credit cards in a timely manner and avoid any type of late payment charges, since your creditors know this is your only recourse and they know that just the opposite. It is a fact that you are already deep in credit card debt.
Don’t make unnecessary balances. There is no way around it. Get rid of all your other recurring credit card debt. The chances are you will be faced with a situation where you can’t pay all of your other credit card bills, and each month may start raining additional charges on your next.
Start over. Credit card debt consolidation is a last ditch effort to rebuild your finances. The only way to eliminate your revolving accounts in your name is to stop charging all of your remaining money onto something very powerful, whether that be high utility credit cards, cell phones, car debt’just wait till the bill arrives and you get out the way to gradually wipe out the revolving accounts.
Remove all of the old credit card debt associated with your name. Credit cards that are charging so much will not even go into your debt, you just have to be the one to cut it down. While your current revolving cards are charging you interest rates and wonderful gimmicks, you will be the one who has to switch your credit card balances to a low common unsecured interest rate, in which amount will flow to your old credit cards. While the revolving accounts may seem high in your record, remember that it is only your debts and balances that are charging you high interest rates.
Do a simple online search. This will eliminate many redundant credit card debts. There will be many good sites that offer resources for both debt consolidation as well as budgeting tips. There will be a few great blogs that have links to resources for individuals contemplating the process or attempting to get debt consolidation.
The point I am trying to make is that if you are ever faced with a situation where your credit cards are not charging outrageous high interest rates and fees, you have very different ideas on how to proceed. For example, it may be futile to keep your old credit cards. If you have gotten the hang of them, you might be surprised at how much higher interest rates you will quickly realize if you are lucky. There is a practice among debt consolidation companies known as the “fraud trap.” That is, they try to convince you that you are only paying because you can afford to pay higher interest rates, and charge you higher interest now! In reality they just realize that you do not have any other option.
Use a number of different debt consolidation companies. Most of them will be legitimate, since they offer high rates of services. Sit down with a firm that is offering you an unsecured interest rate that you can see for yourself, and ask them about a number of services they have offered to consolidate your debt. They will tell you the name and types of companies they will offer, and will tell you if there is a fee involved. If you hear of any, drop me a line. They are quick to tell you that some of these companies charge an extra one-to-one commission to provide the services they have advertised.
If you seek out a company with whom to meet your financial obligations, you can probably negotiate with them, but once you have a firm with which to make your arrangement, pick up a number of their toll-free telephone numbers. I guarantee there will be no problem talking to them. At least this way of consolidating your debt will make things easier for you.
Of course, you will have to contact the companies that you have fallen in love with. After talking with them, head to one of the respectable nationwide debt consolidation companies that you can find. Many of them are affiliated with nonprofit educational agencies that are more closely affiliated to the National Foundation for Independent Public Education. Many of these companies have their offices in the city and towns where you want to work, and they can provide an accurate representation of your neighborhood.
It will take time. The more you think about and the more you look for a good deal that you want and need, the more difficult it will be to locate an easy to accept and reputable company. You have to think wisely before applying for a different debt consolidation company than what you find credible.