Well, it seems that us Americans on a whole are handling our credit card debt better, at an almost alarming rate. According to a recent article by the San Francisco Gate, “fell to $6,355 in July 2011, an 18 percent decrease from the previous year.”
That doesn’t succeed in answering the question though. If you are faced with credit card debt – and if you are like most people, you have some extent of it under your belt- how do you successfully overcome it and save yourself? Do you go with one of those “credit card debt geniuses” that appear on late night TV?
Doing that would probably not be a good judgment call- a lot of those types are nothing more than a notch above con artists.
How you really need to handle your credit card debt begins with one question you need to ask yourself- “how do I view money?”
Do you see your finances in a healthy and realistic light, or are you one of those people that choose not to deal with them until it all becomes too late and the collectors are practically banging down your door? Start from scratch here: figure out how much it is you owe and focus on that.
The next step would be to give your credit card company a call. This might seem strange at first but through well-handled convincing, you could possibly get yourself a lowered rate. According to a blog at the website Prosper, if you are a loyal customer of your chosen card, you will have a very good chance that they will be lenient to your needs in this matter and cut you that lowered rate.
Credit card companies can be very cooperative when you need them to be. Use this to your advantage, if facing a mountain of debt.
Once you get that mission accomplished, you will want to transfer your debt to a lower balance card. And from there, make sure to read the special offers that some of these supposedly “0%” cards carry on them in fine print. Not doing so can have disastrous consequences, which, with debt already accumulated, you do not need.
If you have signed up for a lower balance card that has a limitation period, know exactly when it ends, because otherwise you could be married to very staggering fees.
It would be completely logical, too, to pay down your debt and get rid of the problem altogether. And while you’re at it, be sure to pay more than the minimum. Why? This will help you bring the balance down at a quicker speed.
Moving on, make yourself a debt repayment plan and stick firmly to it. Start with the credit cards with the highest rates and work your way on down
The last method, if all else should fail, would be to hire either a loan consolidator or a debt negotiator to help you with your problems, when they seem beyond control. These professionals have plenty of experience in debt repayments and can help you even design and implement a plan you couldn’t have come to yourself.
In fact, depending on who they are or how well they do their job, they could ever negotiate some better terms for your credit card debt. That, in turn, would reduce what you end up owing, massively.
It might take some time on your part, and some continuous effort, but these ways can all better your chances of ridding yourself of the burden of credit card debt. In the future, be sure to do what you can to eliminate the chances of the same circumstances arising again.