Untitled Document
Book a Cruise this Summer and Enjoy a Special Onboard Credit of Up to $750 at Expedia! - Expires 8/31/2015 |

Save on Stays Near Top Amusement Parks Around the World with Expedia! - Expires 8/17/2015 

Hotels.com HK: Booking a flight? Find great hotel deals in top destinations through our new Hong Kong Airline Promotional |
Save on Stays Near Top Amusement Parks Around the World with Expedia! - Expires 8/17/2015 | Enjoy Great Deals to Mexico and Central America with Expedia! - Expires 8/11/2015 Expedia.ca: Mexico Sale: Save up to 50% on Hotels and Packages with Expedia! - Expires 8/11/2015 
Expedia.ca: Vacation-Envy Sale: Get Top Deals on Coveted Summer Escapes with Expedia! - Expires 8/24/2015  Expedia.ca: Tresors cachés du Canada - Expires 8/9/2015  Expedia.ca: Tresors caches du Canada - Expires 8/9/2015 


Reading Resources : Information and Empowerment
The Route Out of Credit Card Debt and Loans
Author Expert Opinion
Sunday - May 24, 2015 12:40 pm
There is no question that having some credit cards is a great way to pay for things that is more convenient and even safer than always paying cash.  And it really isn’t practical to pay with everything by check because so many purchases would be slowed down by that method or retailers just don’t accept them like they used to.

In many cases, having a credit card is down right necessary.   Any more buying gas involves using a credit card at the pump which saves time and effort.   And because a credit card always delivers a report to you at the end of the month in statement, it’s an easy way to keep track of how you are spending your money.

The problem comes when you spend more on the credit card than you can repay.  Unfortunately, credit card companies are not there to keep you from living beyond your means.  If you make your payments on time and are a responsible credit card owner, they will keep increasing your credit limit so you can charge all you want.  But when the debt level on those credit cards becomes a debt you carry from month to month, that is when credit card debt can get out of control.

You don’t need to be told that good financial management is the key to keeping your credit card debt problem at bay.  But sometimes the bills stack up and circumstances beyond your control call on you to use that extra credit and you end up with a credit card bill that is becoming uncontrollable.  That is when you have to turn to alternate methods to build a route out of debt and back to a firm financial footing.

One of the real culprits of getting out of debt to the credit cards you own are the high interest rates that are often charged to service that debt.  If you have to pay 15%, 20% or more for a large credit card debt, the amount you pay in that actually brings down the principle is so small that the time when you can expect to be debt free is far into the future.

So the first step is to move that debt to a credit vehicle that is more manageable.  There are a number of ways to do this using resources you may already have at your disposal.  Many turn to a second mortgage on their home.  By working with your mortgage company, they can advance you another loan based on the amount of equity you have in your house and that interest rate can be capped at a reasonable level so you can pay down that debt and not keep fighting that ever rising interest rate problem.

You can also look at your life insurance to see if you can draw a loan against that accumulated value.  If you have been paying on it for many years, a life insurance policy that carries value such as a whole life policy may have enough equity that you can use that money to leverage your debt and retire the credit card debt entirely.  You may still have to face a regular payment to pay off the life insurance loan but it is manageable and something you can budget against which puts the control back in your hands.

A third option is to use a professional debt consolidation company.  This is yet another credit resource who will be making money from the loan via interest.  But this kind of agency is not a credit card company so they will just loan you enough to retire your debt and then work with you to work down that debt while living within your means otherwise.

Once you select the right route out of debt you are going to use, it’s important you do not let that credit card debt climb up again.  Learning good budget skills and working to keep your lifestyle within your means is crucial to not only getting out of debt but staying that way.  But with good money management, a responsible debt consolation plan working for you and a mature approach to your finances, you can see daylight on getting out of debt once and for all.
No comments posted...
Leave a Comment
* Name
* Email (will not be published)
* Enter verification code
Please, type the capital of United Kingdom below to prove you are not a spambot?
* - Reqiured fields
News RSS Reading Resources
05/24/2015 12:41 PM
Your Secret Weapon Against Credit Card Debt
This secret weapon is pretty amazing and you know we aren’t trying to market anything to you because this secret weapon doesn’t cost anything,
05/24/2015 12:40 PM
The Route Out of Credit Card Debt and Loans
because a credit card always delivers a report to you at the end of the month in statement, it’s an easy way to keep track of how you are spending your money
05/22/2015 01:03 PM
Some factors that will determine if a certain fitness trainer is right for you. Here is how ?
Fitness trainers are actually those who are expert in analyzing and creating a fitness program that is right for you
05/22/2015 01:02 PM
Tips in keeping a man's fitness level high, efficient and safe
Fitness is the essence of a man. Fitness is the ability of a person to do his normal everyday tasks with full alertness and vigor without worrying about fatigue afterward and with extra energy in reserve
05/22/2015 12:59 PM
10 tips for women to stay fit and healthy
Some great Tips for women to stay healthy and fit
05/22/2015 12:38 PM
Teaching the Kids About Credit
These simple habits if done over a period of months will teach your children how to track, monitor and be aware of their spending and their use of credit.
05/22/2015 12:37 PM
How to Take on Credit Card Debt
option for getting your credit cards under control is a credit management service
05/22/2015 12:36 PM
Taking Credit Card Debt Down the Way You Ran it Up
to start paying that credit card debt mountain down the same way you drove it up, a little at a time.
05/22/2015 12:35 PM
Taking Action on Credit Card Debt Before it’s Too Late
There may be some comfort for you if you are facing the rising threat of credit card debt in your family finances.
05/22/2015 12:34 PM
Stupid Credit Card Tricks
These promotions that you get for credit cards seem to be playing on just about every tactic they can find to get you to take out yet one more credit card.

Read More