Credit card bills do not rest. Month after month they show up, and they don't care if you were sick, got laid off or were injured. They just keep coming, month after month expecting you to cough up money you may not have. Figuring out how to pay off credit card debt can feel impossible at times. It is vital to feel at your core that you are capable of eliminating what you owe once and for all and can forever put an end to endless monthly payments. At the heart of every get of debt scheme is lowering your interest rates and devoting as much money as possible to your debts, lets find out how.

Do-It-Yourself Pay Off Method

If you do not want to change anything about your current credit arrangements or if your creditors will not allow you to change anything, here is a strategy you might use to your benefit.

First of all, you need to find as much money as possible to devote to debt reduction each month. To find this money, you should look closely at your finances and see where you can create savings. For instance, you may be willing to eat out less often, cancel your cable, or stop buying shoes.

Ensure that you are being reasonable with your expectations.

If you remove every bit of fun from your life, it may be harder to stick to your debt reduction plan and you may set yourself up for failure.

Once you have created a budget and determined how much money you can send to your creditors every month, you should send this extra money to the credit card with the highest interest rate. However, you should still continue to make minimum payments to your other credit cards.

When the first card is finally paid off, the extra money should be sent to the card with the next highest interest rate, and you should follow this pattern until you have paid them all off. This arrangement works the best for people who are current on their credit card bills and who are burdened but not drowned by their interest payments.

The Consolidation Solution

If you are behind on any of your monthly payments, you have probably noticed that your creditors have increased your interest rates to the highest that they are legally allowed to charge you. With interest rates hovering around thirty or more percent, it can be virtually impossible to get out of debt. If you are in this scenario, you should consider taking out a consolidation loan.

A consolidation loan is an installment loan (much like a car loan or a mortgage) that requires a set monthly payment for a set length of time. Most conventional banks or credit unions offer these loans to consumers, and the interest rates are considerably lower than what you are currently paying on your credit cards.

Additionally, consolidation lenders typically offer longer repayment periods which further reduce what you are asked to pay from month to month. This savings allows you to dedicate more money towards paying down the balance of your debt.

If your debt to income ratio is too high or if your credit cards are too delinquent, your bank may not be willing to offer you one of these loans. The best thing to do in this case is to consider a co-signer or use a bad credit debt consolidation loan.

If you have a friend or family member with a good credit score, they may be able to co-sign a loan for you. You will be primarily responsible for making the repayments on the consolidation loan, but if you default on your payments, the bank will contact the co-signer about repaying the loan.

If you do not have anyone willing to co-sign, do not fret, bad credit debt consolidators offer easy to qualify for loans that can help you. You will likely encounter higher interest rates than if you used a co-signer but they will still be much lower than your rates on your credit card debt.

High Risk Lenders are willing to lend money to people with lower credit scores. Their loans carry higher interest rates than consolidation loans from conventional banks, but they also are substantially lower than what you are probably paying your credit card company.

How To Leverage Your Assets

If you own a home, your home may also be able to help you get out of debt. However, this will only work if you have equity in your home. If you are over the age of 65 and you own most of your home, you can apply for a reverse mortgage. This will provide you with enough money to pay off your debts.

Be aware though, a reverse mortgage slowly leaks equity from your property, understand fully how it works before you sign.

If you are younger and you still have equity in your home, you can apply for a HELOC (Home Equity Line of Credit) or a second mortgage. A second mortgage is just like a mortgage, but it is based on the amount of equity that your house has. A HELOC is also based on your home's equity, but it works like a credit card and allows you a revolving credit line that can be used to payoff credit card debt.

Settle to Pay Off What You Owe

If you feel too overwhelmed to consider any of these options, you may wish to work with a debt settlement company. These professional firms manage the process for you making the organization, negotiation, and management process easy.

Yyou can work with settlement companies that allow you to send each month a certain amount of money which they then forward to your creditors. Typically, they will also provide you with debt counseling and information about how long it will take you to become debt free.

Choose your ideal solution based on your individual needs.

If you are wondering how to pay off credit card debt, you are not alone. Many consumers feel anxious when their bills arrive, but you see now that you need not feel this anxiety. Relief is at your fingertips. There are several strategies to become debt free, and by taking action, with time, you will certainly find the one that is right for you.

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By: Sheila Jackson

http://www.cashdebtloans.com/

Many people obtain credit cards as easy as buying clothes. Financial experts advise that you should consider certain factors before signing up for a credit card. That piece of plastic surely is a great thing to have, but many people have been buried in huge debts because of credit card misuse.

One of the things to consider when obtaining that piece of plastic is the annual percentage rate or APR. The annual percentage rate determines how much you would owe the credit card company. Now, you have to be familiar with the APR. Credit card companies do have the obligation to tell clients regarding the APR. Lenders may have different computations for the APR, and they may have another APR computation for cash advances on your account or purchases involving the credit card. Now, you have to understand how this annual percentage rate is computed when deciding which credit card company to go to.

Calculation of APR

The annual percentage rate should be considered as the rate for a payment period. The value of the APR is divided into the number of payment periods per annum. If the company provides an APR of 20%, the monthly rate would be 1.67%. The value is determined simply by dividing 20% by 12 months. The monthly balance on the account is based on this rate. Of course, a company imposes its own annual percentage rate. So it is important to know exactly what the annual rate and period rate is before signing up.

There are two types of APR—variable and fixed.

People applying for credit cards should understand the difference between variable and fixed APR. Failure to do so could make one fall into a trap.

A variable annual percentage rate involves a reference rate. A marginal rate is added to the reference rate. The variability of variable APR is governed by changes in the reference rate. One example of a reference rate is he US Prime Rate. If this changes, so will the value of the APR (in the case of the variable type). The credit card company shall adjust the APR every month or every three months. The manner by which the APR changes should be indicated in the credit card agreement.

The other type of APR does not involve a reference rate. As the name implies, a fixed APR has greater stability than the variable APR. This means that your account balance is charged the same rate in each period. However, the APR can still shift on certain occasions. The credit card company may change the rate at some point, but companies are legally obliged to inform credit card holders regarding such changes.

Knowing how the annual percentage rate is computed helps consumers make the right decision when assessing credit card companies. The APR type is also an important factor. Before you make decisions, take time to read the credit card agreement.

Furthermore, before you look for the best credit cards, consider your spending behavior and compare credit card offers. Before you bite the offer of a company that offers the lowest interest rate, look for probable disadvantages.

By: Cedric Loiselle

http://www.creditcard001.com/

I am sure when you were younger you saw people around you using this magical piece of plastic card called ‘credit card’ which can be used when they have no cash . Off course as you are older now you realise that it is simply a type of credit facility. This is the most widely used type of credit in the world by households.

When you buy goods or uses a service today and pay for them at a later date this is known as credit. A credit in other words is a financial facility and includes credit cards, loans, mortgages and even payables such as rent, telephone services and electricity services in arrears. Credit is not just something that is offered to anyone, before someone offers you credit they must trust that you can repay the credit you use, this can be referred to as financial trust worthiness. Financial trust worthiness can be measured using credit rating which is generated by viewing your credit history.

For offering that good or service today and paying in the future, the lender will require compensation in the form of interest or a premium at a fixed date. Failure to meet this obligation would inevitably affect your credit. However at the same time, once goods and services taken are paid for at the pre-determined rate, by the specified time this will impact upon your credit positively.

We all want to achieve good financial trust worthiness so that we can be offered credit at the most affordable cost, so we need to ensure that during our life we adopt good credit practices. To do this you need to spend time learning the optimum level of credit you can afford and ensure that payment deadlines are strictly met.

By: J. Wayne

http://latestnewsfor.com/eplatinum-direct

For a lot of elite credit card consumers, the most prestigious credit card is the American Express Black Card, officially called the Centurion Card.

The reason most elitists deem the Amex Centurion Card as one of the most prestigious credit card offers is due to the fact you can’t apply for this exclusive card membership, you’ve got to wait for an invitation to join from Amex.

To qualify for the most prestigious American Express offer you first need to be an Amex cardholder of one of their elite offers such as the Platinum Card from American Express which certainly does give you elitist rewards.

However to get accepted into the most prestigious American Express Centurion “Black Credit Card” exclusive membership you’ve got to be an existing AmEx cardholder and not only do you have to have a membership to a card such as The Platinum Card from American Express, you’ll need to be spending at least $100k on you existing American Express Platinum Card annually before you can even think you’re going to receive an invitation to join the Centurion Card membership.

It’s the false scarcity tactics that American Express uses that makes their Centurion Card offer, in your minds eye, one of the most prestigious credit cards on the market today.

Having said that, if you want to get this elite credit card in your wallet someday, the first step is to apply for the elite rewards offer they’ve got for you, The Platinum from American Express card.

This is a platinum credit card offer that gives you elite luxury benefits such as 24 hour concierge service and access to airport lounges and a lot of other luxury perks and benefits, not to mention bonus miles rewards points.

The most prestigious credit cards such as the Centurion Card are made of materials other than plastic, so the elite black credit cards are very unique and instantly recognizable, giving you instant social status respect.

The respect you gain from the most prestigious credit cards such as the American Express Centurion black credit card or the competing offer, The Visa Black Card, gives you instant VIP status in the eyes of everybody that sees your card.

The respect you get when you are a cardholder of either one of these most prestigious credit cards, either the Centurion Card or the Visa Black Card, goes a long way in you getting better service at hotels, restaurants, or any other venue for that matter.

When you are a cardholder of one the most prestigious credit cards, everybody, in every social or business situation will notice and consider you to be one Very Important Person (VIP), because not everyone can qualify for such an elite credit card!

By: Colin McDougall
http://hubpages.com/hub/Most-Prestigious-Credit-Cards

Bad credit can haunt you. Most employers check candidate’s credits to qualify them for a job, licensing agencies will review credit history to see if you’re responsible, auto insurers check your credit to calculate your premiums, and all lenders check credit for loan approvals. The only way to repair your credit is to take action. Credit counselling services are designed to help you manage your debt and improve your credit. If you want peace of mind, and you want to rid yourself of all of the worry, understand the benefits of credit counselling and understand how debt works.

Do You Have Out-of-Control Debt?

Debt piles up fast. When you took out your first credit card, you told yourself you would only use your card for emergencies. As you become more comfortable using your credit card when shopping, the idea of paying interest for goods wasn’t in mind. That is until you start to calculate just how much of your payments actually go towards principal. Credit card companies want you to spend and they prefer that you pay the minimum payments. This ensures that interest will keep compounding and they will make more money. If you have debt, it is never too early to use credit counselling services. The longer you wait, the more you owe in interest.

How Can Credit Counselling Help?

If your money problems never seem to end it is time to take a proactive step so you can live comfortably within your means. When you use these services, you can learn how to handle your money and how to eliminate your debt. You will learn money management skills, how to budget, and how to set goals and reach them. You can learn how to use your credit cards right, how to cope with stress, and how to calculate your debt-to-income ratio. If you can stay strong financially, you can maintain a positive reputation with lenders and employers. This is perhaps the biggest benefit that you should consider when you are weighing the pros and cons of counselling services.

Financial Planning

Many people put off financial planning until they approach retirement. The earlier you start to plan, the more you will have available when you retire. If you repair your credit and pay down your debt, you can use financial coaching services to build a robust retirement portfolio. Money managers will help you protect your assets and secure new ones. When you sit down with a personal coach, you can learn more about finance and how to stay financially secure.

By: Randshan Saldin

http://www.creditcanada.com/

There are a number of creditors that offer 0 balance transfer credit cards as an introductory rate for new card applicants. Some cards also have fixed low-percent APR when you transfer your balance to another card. This lets you take advantage of paying low fees for transferring your balances to pay off credit card debts.

Some VISA credit card offers provide 0% intro APR balance transfers with APR percentage of as low as 11.99%8 (V). If you use your zero balance transfer card to pay off your other card bills can lower your balance as long as you pay them off steadily during the introductory period. It is an ingenious trick to repay your remaining balances without additional interest or fees.

Most credit companies offer 0 balance transfer credit cards to attract new clients to switch services. This lets you consolidate all your card debts into one card making you pay just one bill at affordable rates without interest for as long as the promo period lasts. After the introductory promo rate of 0% expires, creditors are able to make more money by hiking the APR and late fee penalties.

Anyone can apply for these types of cards. There are similar offers from MasterCard and at least a couple of VISA credit card offers. There are some websites that offer several different types of cards from various creditors in one site. You can make comparisons online and make a more informed decision when all the cards are laid out for you in one page.

Some websites offer online applications and approvals so you won’t have to visit several banks or creditors to get your card. If your credit score is good, you may even get instant approval and get your card in the mail in about a month. Once you get your balance transfer card, you should learn how to use it properly.

The actual balance transfers may take days or a couple of weeks to process between cards. During this waiting period, your balance interest still mounts up. You still have to pay normal interest rates till your balance is officially transferred to your zero balance cards. Be sure to always check the higher APR rate that is applicable to the remaining balance. Pay this fee immediately before cut-off time.

If your credit history is very good, don’t be surprised to receive VISA credit card offers for 0 balance transfer credit cards in your mail every so often. Depending on your credit score, you may receive zero percent or low-interest rate offers. Your monthly income and debt ratio may also dictate the kind of card you will be offered.

Some creditors will only honour a limited amount of balance to your zero balance transfer card. This decision by your creditors is also based on your credit history and other factors such as your ability to repay debts. If your balance exceeds the limit, your remaining balance in your holding account will still accumulate normal interest rates that you will have to pay.

By: Robert Corin

http://www.credit-land.com/