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Getting Out Of Debt With Credit Card Counseling

May 18, 2008
Does this sound familiar - something unexpected pops up and you have to charge it on your credit card because you just don't have the cash on hand? Or what about charging the latest toy or gadget because you absolutely have to have it now? These are common reasons for using a credit card, but unfortunately in the end the bill always has to be repaid.

If we let things get too far out of hand, the result can be a large amount of credit card debt and no means to pay it off. It ends up costing a ton of interest, in some cases for years after the purchase was actually made. If this is a problem for you, there are places you can turn.

The first step you should take is to call your credit card company and see if you can get them to give you a lower rate on your card. There are two ways to approach this. The first (and easiest) is to just call your credit card provider and ask them for a better rate.

You'll usually get an answer within a couple of minutes and you might be surprised at how often you'll be approved for a lower rate just by asking.

The other thing you can do is to apply for a new credit card with a lower rate. You can then transfer the outstanding balance from the original card to this new one and save money on interest.

If you still can't stop yourself from spending money on your card you might want to look at credit counseling. There are lots of services that will work with your creditors to get you a more reasonable repayment schedule and/or a lower interest rate. They deal with these companies all the time, so they'll sometimes be successful where you might have failed doing it yourself.

The cost for credit counseling varies. In some cases, it's a free service where you won't have to pay anything. You simply provide them with all your credit card information and any other creditors you owe money to.

They'll take that information and work out your optimal payment plan. If your credit card debt is stressing you out and you're feeling overwhelmed, don't keep struggling to stay afloat. Talk to a credit counseling service and see what they can do to ease your anxiety.
About the Author
For more practical advice for reducing credit card debt, surf on over to the Debtopedia website at http://www.debtopedia.com. We offer lots more helpful advice to pay off credit cards and other debts, while paying less interest in the process.
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