Credit card debt is probably the worst kind of debt you can have. The reason for this is that the credit card companies have become predatory. If you carry a balance, they play games with you. For example just before the consumer protection laws went in, the credit card companies erased millions of dollars of available credit. Then they jack rates on many people because they owed over 50% of their credit lines. Many were locked into large balances and no ‘wiggle’ room, that’s not right.
How do we eliminate our credit card debt? Credit card companies want you to carry as big of a balance as they can entice you into, in addition, they love to add on ‘fees’ that will bump your balance up. Sometimes they will even bump you over your limit, which adds another fee. Sometimes you can negotiate with the credit card companies, but remember that they have you where they want you, they have not incentive to negotiate.
We need to get a strategy to focus our available dollars on a single credit card until it is paid off. Meanwhile, we have to pay the minimum on the rest of the debts so they stay current, but just pay the minimum only. Check out this debt elimination plan for more on the strategy.
The next portion of the strategy is to get more income into the plan. The way you eliminate credit card debt quickly is to pay as much as you can on the credit card you will see the balance go down quicker. There are many ways to get more money to add to your credit cards, try selling something that you are not using, get a part time job even at minimum wage you can add hundreds a month to a credit card bill.
It will take dedication, but you can do it. Just think how you will feel when you don’t have to hand a large part of your paycheck to the credit card companies.
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