Comments on: How to Reduce Credit Card Debt? http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/ Latest Credit Card News, Reviews and Information Thu, 09 Feb 2012 07:48:57 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: 113th Carnival of Debt Reduction – Questions / Answers » No Credit Needed - Debt Reduction Rocks – We Are Living Debt Free! http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-268237 113th Carnival of Debt Reduction – Questions / Answers » No Credit Needed - Debt Reduction Rocks – We Are Living Debt Free! Fri, 13 Jan 2012 04:33:12 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-268237 [...] 15.  Are you trying to payoff your credit cards?  Ask Mr. Credit Card has suggestions and a cool “how to”. [...] [...] 15.  Are you trying to payoff your credit cards?  Ask Mr. Credit Card has suggestions and a cool “how to”. [...]

]]> By: Moneyman http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-95531 Moneyman Wed, 21 Jan 2009 10:47:40 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-95531 Credit card debt is taking over the country, and most people are charging more due to the recession. This is not uncommon, however, the time is going to come when it is time to repay all of those debts and when that happens, hopefully those of you who have charged more because of lack of money will have what you need to pay off the debt. However, if you are one of the millions of Americans who find yourself in a difficult situation when it comes time for payback, then it is time to collect debt consolidation information from whatever sources that you can find. When considering what debt consolidation information to use, the first thing that you should do is consider the source. Where did you get the information that you are using, is it an official source? You can get a lot of information about debt consolidation on government websites, which are very reliable sources in the respect that their information will be unbiased and will not direct you to a specific company to use for your debt consolidation. You will learn in detail from your debt consolidation information about the two different kinds of debt consolidation, credit card consolidation loans and credit counseling services. These are two very different programs, where taking a loan means just that, however, if you have a lot of debt or bad credit you may have to use your home as collateral or get a co-signer to get the loan, which may not be idea. Credit counseling services mean that you allow a company to negotiate with your creditors for lower payments and to eliminate your interest. The downside here is that you have to close all credit accounts or the credit counseling service will not work with you, also, this does show up as a negative on your credit report, although not as negative as not paying your debts. There are a couple of other options that may not show up in your debt consolidation information like credit card debt settlement, which is paying a company to negotiate lump sum payments with your creditors at a value less than what you owe. Another is to just do it yourself, without the help of any companies. The upside here is that your credit is not affected if you continue to make payments on your accounts. The ultimate goal for any of these plans is to pay off your debt as quickly as possible. <a href="http://www.DebtConsolidationInformationOnline" rel="nofollow">BFreein3</a> Credit card debt is taking over the country, and most people are charging more due to the recession. This is not uncommon, however, the time is going to come when it is time to repay all of those debts and when that happens, hopefully those of you who have charged more because of lack of money will have what you need to pay off the debt. However, if you are one of the millions of Americans who find yourself in a difficult situation when it comes time for payback, then it is time to collect debt consolidation information from whatever sources that you can find.

When considering what debt consolidation information to use, the first thing that you should do is consider the source. Where did you get the information that you are using, is it an official source? You can get a lot of information about debt consolidation on government websites, which are very reliable sources in the respect that their information will be unbiased and will not direct you to a specific company to use for your debt consolidation.

You will learn in detail from your debt consolidation information about the two different kinds of debt consolidation, credit card consolidation loans and credit counseling services. These are two very different programs, where taking a loan means just that, however, if you have a lot of debt or bad credit you may have to use your home as collateral or get a co-signer to get the loan, which may not be idea. Credit counseling services mean that you allow a company to negotiate with your creditors for lower payments and to eliminate your interest. The downside here is that you have to close all credit accounts or the credit counseling service will not work with you, also, this does show up as a negative on your credit report, although not as negative as not paying your debts.

There are a couple of other options that may not show up in your debt consolidation information like credit card debt settlement, which is paying a company to negotiate lump sum payments with your creditors at a value less than what you owe. Another is to just do it yourself, without the help of any companies. The upside here is that your credit is not affected if you continue to make payments on your accounts. The ultimate goal for any of these plans is to pay off your debt as quickly as possible.

BFreein3

]]> By: JimE http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-84449 JimE Mon, 29 Sep 2008 15:37:27 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-84449 Your last point - 'stop using your credit card if neccessary' - I would think if you are struggling with debt it would be 100% neccessary & one of the first things you would do. You don't have to actually cut up the card, maybe just keep it in a drawer somewhere. It's when it is in you pocket that there is a temptation to use it! It's always nice to have one available for an emergency! I thought this article <a href="http://www.thinkmoney.com/money-guides/manage-your-debt.asp" rel="nofollow">http://www.thinkmoney.com/money-guides/manage-your-debt.asp</a> was also very useful. It's not quite as comprehensive as yours but there are a few good tips that your readers might benefit from. Thanks Your last point – ‘stop using your credit card if neccessary’ – I would think if you are struggling with debt it would be 100% neccessary & one of the first things you would do.

You don’t have to actually cut up the card, maybe just keep it in a drawer somewhere. It’s when it is in you pocket that there is a temptation to use it! It’s always nice to have one available for an emergency!

I thought this article http://www.thinkmoney.com/money-guides/manage-your-debt.asp was also very useful. It’s not quite as comprehensive as yours but there are a few good tips that your readers might benefit from.

Thanks

]]> By: William Blake http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-56653 William Blake Wed, 05 Mar 2008 23:30:23 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-56653 I agree with Nick's comment - it never hurts to call your credit card companies and ask for a better rate. The worst they'll say is no. If you really want to improve your chances of getting a better rate, do a little research first and find some other cards with lower rates. If you threaten to transfer your balance to a different card, your credit card company will probably be more interested in adjusting your rate. Less interest is still better than none, which is what they get if you transfer your balance to another card. I agree with Nick’s comment – it never hurts to call your credit card companies and ask for a better rate. The worst they’ll say is no. If you really want to improve your chances of getting a better rate, do a little research first and find some other cards with lower rates. If you threaten to transfer your balance to a different card, your credit card company will probably be more interested in adjusting your rate. Less interest is still better than none, which is what they get if you transfer your balance to another card.

]]> By: Nick http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-39728 Nick Sun, 04 Nov 2007 00:17:54 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-39728 I would also suggest that this individual call their credit card companies and request a lower interest rate. Sometimes, all you have to do is ask and you can end up paying much less interest. I would also suggest that this individual call their credit card companies and request a lower interest rate. Sometimes, all you have to do is ask and you can end up paying much less interest.

]]> By: barry broome http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-39692 barry broome Sat, 03 Nov 2007 15:02:52 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-39692 Nice article! That's good advice. I think too many people just simply don't have a budget and don't track their spending. Unfortunately we have a culture that lacks fiscal discipline and responsibility. Buy now and pay later - that mindset has to be stopped!! Nice article! That’s good advice. I think too many people just simply don’t have a budget and don’t track their spending. Unfortunately we have a culture that lacks fiscal discipline and responsibility. Buy now and pay later – that mindset has to be stopped!!

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