Solving Your Debt Problem
By InCharge Debt Solutions, Inc.
InCharge Debt Solutions, Inc.
Managing debt takes persistence and dedication but once
you rein in your debt, you'll be glad you did, and
you'll be much better off financially and emotionally.
Here are a few ways to get you started toward debt
Pay more than the minimum payment each month. Did you
know the minimum payment amount is usually 2 to 3% of
your balance? On a $2,500 credit card balance with a 2
percent minimum payment, you would pay only $50 toward
decreasing that debt and the majority would be applied
towards interest and not principal.
Pay a little more than the minimum payment required
each month and you'll be surprised at how fast that
credit card balance decreases.
Call the credit card companies and cancel all of your
credit cards except for the one that gives you the
lowest interest rate. Don't use that credit card
unless absolutely necessary.
Gather all of your most recent credit card statements,
sit down with pencil and paper, and write down the
balance of each debt and the interest rate charged.
Beginning with the lowest interest rate debt(s), pay
only the minimum amount due.
On your highest interest rate debt, pay the minimum
payment plus any additional amount you can afford. Once
this debt is paid off, go to your next highest interest
rate debt and apply the money you were paying toward
the first debt towards the second debt. Also add the
minimum you were paying on the second debt and keep
paying the minimum due on the others.
Continue to do this until all of your debts are paid
off. This may take a few years but don't get
discouraged. The feeling of freedom you get when you
are debt-free is priceless!
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Pay more than the minimum due.
Cancel your credit cards.
Don't get discouraged.