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 Sat, 07 Nov 2009 23:38:59 -0600 http://wordpress.org/?v=2.8.5 hourly 1 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: A Long Long Road » 100 Resources To Improve Your Career, Relationships And Money http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-42663 A Long Long Road » 100 Resources To Improve Your Career, Relationships And Money Thu, 22 Nov 2007 15:36:02 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-42663 [...] How to Reduce Credit Card Debt? - King of debts: credit card debt, and how to get out of it. [...] [...] How to Reduce Credit Card Debt? – King of debts: credit card debt, and how to get out of it. [...]

]]> By: A Long Long Road » 100 Resources To Improve Your Career, Relationships And Money http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-42664 A Long Long Road » 100 Resources To Improve Your Career, Relationships And Money Thu, 22 Nov 2007 15:36:02 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-42664 [...] How to Reduce Credit Card Debt? - King of debts: credit card debt, and how to get out of it. [...] [...] How to Reduce Credit Card Debt? – King of debts: credit card debt, and how to get out of it. [...]

]]> By: Fifth Carnival of College and Finance | College and Finance http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-42203 Fifth Carnival of College and Finance | College and Finance Mon, 19 Nov 2007 02:07:17 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-42203 [...] Mr Credit Card presents How to Reduce Credit Card Debt? posted at Ask Mr Credit Card’s Blog. [...] [...] Mr Credit Card presents How to Reduce Credit Card Debt? posted at Ask Mr Credit Card’s Blog. [...]

]]> By: How to Solve Your Money Worries http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-41894 How to Solve Your Money Worries Fri, 16 Nov 2007 20:02:29 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-41894 [...] Mr Credit Card presents How to Reduce Credit Card Debt? posted at Ask Mr Credit Card’s Blog. [...] [...] Mr Credit Card presents How to Reduce Credit Card Debt? posted at Ask Mr Credit Card’s Blog. [...]

]]> By: 113th Carnival of Debt Reduction — Broke Grad Student http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-41489 113th Carnival of Debt Reduction — Broke Grad Student Tue, 13 Nov 2007 20:11:08 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-41489 [...] Ask Mr. Credit Card explains How to Reduce Credit Card Debt. [...] [...] Ask Mr. Credit Card explains How to Reduce Credit Card Debt. [...]

]]> By: 113th Carnival of Debt Reduction - Questions / Answers http://www.askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/comment-page-1/#comment-41458 113th Carnival of Debt Reduction - Questions / Answers Tue, 13 Nov 2007 12:18:20 +0000 http://askmrcreditcard.com/creditcardblog/how-to-reduce-credit-card-debt/#comment-41458 [...] 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: 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.

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