The national credit card debt problem warmly welcomed by credit card companies has exploded into a completely out of control disaster. It was a great pleasure to add to the various fees they may charge - late fees, prepayments, excess fees, etc. - They were suddenly surprised and shocked, and many credit card holders lagged behind in payment.
In fact, they were allegedly unaware that the credit card company had deducted more than 5% of its debt in December last year - billions of dollars. Now, it sees that they finally tasted their medicine because they started to violate their debt obligations and tried to get help from policy makers.
Unfortunately, although it may feel good to see these companies suffer some losses, it does not help millions of credit card holders to overextend and work hard to pay their credit card bills. So if you have credit card debt, where should you go?
The first thing you need to do is face music and assess your current credit card debt situation. Put all your credit card bills on the table. On a piece of paper or spreadsheet, note the account name, account phone number, and total amount owed on the credit card. Then summarize all the amounts. This is the total amount of your credit card debt. If you like many people, this number may surprise you. But at least for now your consciousness has been forced to notice the debt, and you can start making plans to pay back the debt.
Record the annual interest rate on the paper next to each account name and amount, and then record the monthly minimum payment amount. Call each card company and try to negotiate a lower rate of interest payments. If you have a good credit, this may not be a problem. If you have an average credit line but have the same reliability when making a payment, you can also get better rates. If your credit is not good, they may not provide you with a better deal, but in any case there will be no harm. On your paper, replace the old interest rate with any new interest rate you try to negotiate.
Now you will call again. But first order the account name from top to bottom with the annual interest rate. The card with the lowest interest rate is at the top. Then follow the list order, call each credit card company and determine if you can transfer the balance from another credit card to them - of course, you still want to keep the interest rate low. If they allow you to transfer money, please transfer the maximum dollar amount you can get from the bottom card in the list. Continue to look down and call each of the credit card companies until you redistribute your credit card debt into the account that best serves you.
Finally, it began to pay off debts. Rearrange your list from top to bottom, but this time sort it so that the card with the highest interest rate is at the top. Each month, when you pay your credit card bill, each card pays the minimum monthly amount except for the first card. On that card - pay more. Pay as much as you can, and continue to do so every month until the debt is repaid. Then continue with the second card, the third card, and so on - and do the same thing. Sometimes, if you stick to it, and if you can manage to avoid adding new debt to your credit card, your debt will magically disappear.
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Orignal From: The easiest way to lower your credit card debt
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