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Getting Help With Credit Card Debt

Apr 12, 2008
If you are currently in debt or have experienced debt in the past then you understand how potentially stressful it can be. Not only does it influence how you live your life but it can also be invasive, as creditors ring you up asking for outstanding debt.

And many people feel like this because of credit card debt. Let's face it, credit cards are easy to get and the industry is always coming up with gimmicks to make a card more attractive. Credit cards are useful but the insistence that they are the only way to make purchases, has, and continues to get people into trouble.

This is a radical departure from previous generations attitude to money. Credit was generally avoided 40 years ago. People didn't like to buy on credit but preferred to have the money before they bought something. The attitude today is to live now and pay later. A living on credit lifestyle is generally the cause of many debt problems. this article will discus how to get out of credit card debt.

Getting out of debt requires getting organized - understanding where your money comes from and where it is going. The best way to do this is to set up a budget. Work out what you must have each monthly and what is nice to have but not really necessary. Must haves are things like food and accommodation (rent, mortgage). It may include the cost of getting to and from work each day. Nice but not necessary things are really your shopping binges or eating out every night. It could be other things like dvd rentals. You don't need these things even though they make your life more pleasant.

If your monthly income can support things like pay TV and eating out then you can do them. But make sure you have covered the essential items first and make sure that some money is left over to service your credit card debt.

As a way to simplify the debts you have you may try consolidating your debt under one company or credit card. There are often incentives, such as zero interest on balance transfers, that can save you money. However you must realize that consolidation is not a solution to your debts. You still have to pay them off but you have simply lumped them together to make them more manageable.

Debit cards are a way round an addiction to plastic. If you just can't resist the convenience of credit cards then debit cards are your way to go. Debit cards combine the usefulness of a credit card with a built in check on your spending. Debit cards are linked to your primary banking account. If there is no money in the account then the debit card doesn't work. This either gives you discipline to always keep your bank account topped up or not to use your debit card for fear of rejection.

If you prefer professional help, then you can hire the services of a credit card debt help counseling company. They will create a customized program to get you out of debt. This will most likely involve much of what is discussed above. They may also suggest taking a one off loan out to pay off the debt but negotiated at a better interest rate. They will set out a plan and help you to stick to it.
About the Author
Get more ways to deal with debt problems and a review of a popular get out of debt guide at http://www.bankruptcyfixup.com.
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