Massive Home Improvements

Remember when you were young and so happy when you were given that first credit card in the mail? Getting a Visa card is sort of a right of passage in today’s society, and lots of folks can remember the feeling of power and exhilaration they were given when they managed to score that first tiny piece of plastic. In truth, having a credit card truly is sort of a necessity if you’re going to build a good credit history and have the purchasing power you want when it comes time for major purchases such as a vehicle or house.

Unfortunately, that joy that came with that first card is probably long gone by this point ; really, you dump many credit card offers that come, unsolicited, to your mailbox each month. In addition, you may be one of the millions of people who dread paying all that interest and all those charges each month and would like nothing more than to figure out how to eliminate card debt - or at least reduce it quite a bit.

There are several options you can select from when deciding the way to eliminate Mastercard debt. You can do it yourself, hire executives to help, or wipe out the debt completely via bankruptcy.

Obviously, the least costly way is to do it yourself. Here is a plan that works for a lot of folk ; it worked for me when I got ill of paying for my auto and wished to be rid of that auto payment. This is what I did:

I sat down and took a good hard look at my income and my outgo. Then, I made a plan. For each unsecured debt (credit cards and a signature loan, in my case) I had, I commenced paying only the minimum due every month. Then, I took all the money I could find and applied it to my auto payment. I paid everything, kept small to spend, and sent the rest to the bank. Every once in a while, I did not even spend the complete amount I kept aside, and when that happened, I sent in an extra payment that month. It took me about a year, but by doing that, I cut off over 2 years of auto payments.

After seeing my success, I decided to do the same with my visa cards and signature loan. I then took all the money I had been paying for the car payment ( that was now gone), and started applying it to one card. I selected the one with the smallest balance as it caused me feel good to see the balance go down seriously. It doubtless makes more sense to start with the one with the highest interest rate, but I found I needed the encouragement. In four months, that card was zeroed out, and I started on the next one. I kept going until all the cards were paid off, except one, on which I kept a little balance. This method requires diligence, but the rewards are incredible.
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For further information on ways to help your debt situation visit this site on ways to Reduce Credit Card Debt

Or visit these other great resources at Reduce Credit Card Debt and Reduce Credit Card Debt

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This entry was posted on Tuesday, July 7th, 2009 at 9:45 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.