Debt Relief Part 2
Credit Card Debt: Ask yourself these 10 questions about your credit card debt. 1) Did I charge more this month than last without any major purchases such as a new TV. 2) Is my income less and my credit card bill more this month than last? 3) Did I only make the minimum payment on my cards. 4) Did I borrow from one credit card to pay another. 5) Did I use 3 or more credits to make purchases during the month. 6) Did I charge consumables like groceries, gas, or entertainment without paying off that entire amount each month.
7) Do I continuously pay over the limit fees on credit cards. 8) Do I get a new credit card when I max the others out? 9) Am I concerned about the interest rate that I pay? 10) Did I lie or cover up credit card use to my significant other? If you answered yes to any of these questions, you need to get a handle on the cards. If you answered yes to more than 3 questions, it is time to take a serious look at how to get control. Spending with plastic is easy, sometimes too easy. It does not feel like you are parting with your money.
This means that the temptation is to spend without thinking about the consequences until you open the bill. Start by using only 1 credit card to make purchases. Use the one with the lowest interest rate and best payment terms. Only make payments on the others. Do not carry the extra cards with you. If you don’t have the card, you can’t use it. Place the cards you are not using in a safe place. Pay as much as possible on each card you are not using and make more than the minimum payment on the one you are using. As the balances are paid off, cancel the account. Get rid of revolving accounts at department or home improvement stores.
These cards usually charge maximum interest rates. The credit card business is very competitive, and you may negotiate a lower rate. You may even get a card with an introductory rate for 0% for 6 months to 1 year. If this is the case, get the new card, but transfer the entire balance of as many high interest cards as possible to the new card. Now, here is the difficult part. You MUST close those higher interest accounts that you transferred and destroy the cards. If you don’t do this, you are now going backwards again. JUST DO IT! A note of advice is not to close the accounts until you have paid them in full. Some credit card companies will charge you the maximum interest rate if you close the account with a balance. Start paying for consumables like groceries and entertainment with cash or a debit card.
If you don’t have the money, don’t buy it. The focus on my business is teaching people to follow their dream by becoming debt free and remaining debt free. We should not be a slave to our bills or debt. Most programs deal with managing your money, paying the bills but remaining in debt, broke and unhappy. I have discovered some cool videos that is filled with FREE information that will train you to take $300 and turn it into $30,000 in 6 months. That alone could get you out of debt, but there is even more video training available that could put you in financial position to retire in 12 months. I know that sounds too good to be true, however it is possible. You must believe you can do it and work at it until it happens. Get all 3 parts of this report by visiting my website.
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