Earn Money Online | Credit Card Debt Help

Credit Card Debt Help

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

I should begin by saying that I am no expert in the areas of credit repair and managing debt.

I am, however, someone with experience with these issues - my goal is to help you find ways to manage your debt effectively while protecting and improving your credit score - I’m in the same boat.

I will be posting all of the useful information I find that will be relevant to the topic of credit card debt help. I don’t sell credit repair services; I don’t sell anything related to debt or credit, so you know that there will never be a pitch coming.

I won’t link you to hyped-up sales letters or sketchy affiliate programs for “credit help” doctors. If I recommend anything it will only be if I find a truly beneficial resource for credit repair and debt management information. 

The worst thing you can do while carrying debt is to damage your credit by skipping payments or making late payments.

One of the problems with being heavily in debt is that it gets harder and harder to get out. It snowballs and can get out of control. The credit card companies may raise your APR, making your payments go up while actually paying down less of what you owe.

You may be able to get the credit card companies to lower your APR just by calling them and asking them nicely. I’ve had them do this for me time and time again until one day they said “no” because my credit rating had slipped due to a late mortgage payment.

Do whatever you can to preserve your credit rating because this will help you keep the better APRs, from my experience. And this helps a lot when trying to manage your debt. Avoiding bad credit by making timely payments should always be a priority, no matter how much debt you’re carrying.

Carrying a balance on your credit card(s) - should you do a balance transfer?

Carrying a credit card balance is tough, especially when you have a high APR.

Take advantage of the competitive nature of the consumer credit industry - consider doing a transfer of your balance to another card company with a 0% interest offer. Read the terms carefully when you research & decide for yourself whether this would be a wise financial move.

This strategy has worked for me; instead of paying almost $100 per month for the balance on one card, I transfered to a lower rate card (for free) and now pay only about $12 in interest monthly.

You can transfer your balance from your high interest rate card to a new card, where you’ll receive 0% for a number of months (or years) which will make it easier for you to pay down the amount. There could be a transfer fee - check this point carefully. You can find balance transfer offers with no fee for the transfer, so keep that in mind.

As a disclaimer, I’m no expert and the benefits of this type of transfer are dependent on your particular situation with your credit card debt, and the terms of the offers in question. Write a pros and cons list and crunch the numbers carefully. Read the fine print.

WAHM

Best Way To Learn Internet Marketing...Guaranteed.