The Best Strategy To Erase Credit Card Debt
Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.
In the below section, I have listed the 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.
- Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.
- Make a count of minimum payment of all the credit cards in the 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 than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.
- Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.
- Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.
- Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.
- In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.
"@Copyrights 2005" - Bill A Smith is a debt consolidator for Ameri debt consolidation services. Bill has over 10 years of experience in providing debt consolidation, debt counseling and debt management services to clients.
Latest News
![]() BBC News | Credit Suisse plans 5300 job cuts after $2.5 bln loss MarketWatch - By Simon Kennedy, MarketWatch LONDON (MarketWatch) -- Credit Suisse said Thursday that it will cut roughly 5300, or 11%, of its jobs after posting a loss of ... Credit Suisse Cuts 5300 Jobs Credit Suisse to Eliminate 5300 Jobs After Losses This Quarter Credit Suisse to cut 5300 jobs |
![]() Hürriyet | Investment-Grade Credit Risk Index Rises to Record in Europe Bloomberg - Credit-default swaps on the Markit iTraxx Europe index of 125 companies with investment-grade ratings climbed as much as 7 basis points, and was 5 higher at ... Credit-default swaps soar Credit insurance costs soar to new high RLPC-European secondary loan prices slide to fresh lows |
Avnet, Inc. to Present at Credit Suisse 2008 Annual Technology ... MarketWatch - chairman and chief executive officer Roy Vallee will present at Credit Suisse's 2008 Annual Technology Conference in Scottsdale, Arizona this morning at ... Microchip Technology to Present at the Credit Suisse Annual ... |
OpenClose, MeridianLink Partner to Provide Complete Credit ... MarketWatch - MeridianLink and OpenClose will enable brokers and wholesale lenders to request and access credit information from any Internet connection and deliver ... |
Washington Times | SEC strengthens credit rating agency rules Reuters - WASHINGTON (Reuters) - Securities regulators adopted tougher rules for credit rating agencies, designed to enhance disclosures and rein in business ... SEC adopts new rules for credit-rating agencies US SEC strengthens credit rating agency rules SEC to Finalize Credit Rating Rules |
Bad Credit on the Rise: 110 Million Americans Now Affected ... MarketWatch - NASHVILLE, Tenn., Dec 04, 2008 (BUSINESS WIRE) -- The number of consumers with bad credit has risen sharply since 2007, with more than 110 million in the US ... |
Williams-Sonoma amends its credit agreement CNNMoney.com - NEW YORK (Associated Press) - Home-decor retailer Williams-Sonoma Inc. said Thursday it amended a credit agreement and a commercial letter of credit ... |
Photronics Amends $155 Million Revolving Credit Agreement and ... MarketWatch - Under the amendment, the Company has through December 12, 2008 to finalize revised terms and conditions of the credit agreement. The Company also announced ... |
Egypt's EDB Bank gets $20 mln credit line Reuters - CAIRO, Dec 4 (Reuters) - Abu Dhabi's Arab Trade Financing Programme has extended a $20 million line of credit to Egypt's Export Development Bank EXPA. ... |
Mexican Senate eyes tougher consumer credit rules Reuters - MEXICO CITY, Dec 4 (Reuters) - The Mexican Senate may soon pass a bill prohibiting banks from sending clients pre-approved credit cards, extending credit ... |
Resources
-
Bad Credit Loans, Bad Credit Credit Cards - YoureApproved.org!
Personal loans, Credit cards from bad Credit lenders including bad Credit loans - high risk unsecured bad Credit cards - debt consolidation loans - payday loans!
-
Bad Credit Loans - Personal Loans - Credit Cards - Home Loans - Auto Loans - Credit Repair
Bad Credit loans and Credit cards - personal loans - high risk loans - Credit repair - free government grants - government auctions - police auctions - debt consolidation - filing bankruptcy
-
No Money Down - Creative Real Estate Investing!
Learn how to control real estate Without Credit checks and no money down! You can Buy With No Credit!
-
Pass Your Class - Pass Your Clep Tests - Guaranteed!
Pass your CLEP tests - Guaranteed! Pass or Pay Nothing. 98% of all students that study our materials PASS!
-
Debt Elimination that Works: Remove All Your Debt, including Credit Cards and Mortgage in 3 to 5 yea
Debt Elimination that Works: Remove All Your Debt, including Credit Cards and Mortgage in 3 to 5 years.
-
Access Loan.
15,000 Cash Loan - Even With Credit Problems.
-
Credit Repair in 1-3 Months!
Credit Repair - Repair bad Credit within 1-3 Months.
-
Profit in Real Estate Without Cash, Credit or Risk!
Profit in real estate without cash, Credit or risk. Learn how to make quick cash in real estate without owning property.
-
Repair Credit Reports
A Downloadable Credit Repair Guide Aff. Make 50% Comm.
-
Credit Repair
Great seller quick turn around. High payout.

