Article by Personal Finance Guru
Credit cards may be useful for you to use to make purchases when you are a bit short on cash. However, constant usage of credit cards in order to purchase luxury items that you probably do not really need might cause your debt to pile up especially if you do not make any urgent effort to pay it all back. Once that happens and you find yourself more than nose deep in credit card debts, the first thing that may probably cross your mind is to get a credit card debt loan in order to enable you to pay back all the outstanding balances on your credit cards.However, you might also want to consider other do-it-yourself options that may help you get rid of your credit card debts little by little; without having to take a credit card debt loan that essentially means transferring your multiple credit card debts into one single loan that is to be paid out over a longer loan life. The methods might take more than just a little bit of your effort for it to work. It might also require a tremendous level of discipline on your part, to totally be involved in getting rid of your credit card debts once and for all.The best way to solve all problems is normally to nip it in the bud. This means that it might be best for you to refrain from using your credit cards unless it is absolutely necessary. This is one of the most obvious credit card debt reducer and yet so many credit card holders find it to be one of the most difficult self-help debt reducing steps. Perhaps it is best that you reserve your credit cards for emergencies or for making large purchases. Using your credit cards to purchase small items might seem harmless and insignificant but these small purchases will add up over time and might actually rake up a much higher interest.If you think that minimum credit card repayments are developed to help you to actually be able to afford making the monthly payments, you may want to think again. Basically, by allowing you to pay only the minimum amount every month your creditors are keeping you in debt longer. This! is beca use, the longer you take to pay off your credit card debts, the higher the interest they can charge you. So, generally you may only be paying off the interest and you probably won't even go an inch closer towards the principal amount of your debt for several more months. Therefore, it is advisable that you make a monthly payment of more than just the minimum requirement. Better yet, you can aim to pay as much as you can afford because the more you pay, the debt will inadvertently reduce faster.In cases where you might be struggling to make the monthly payments, you have the option of contacting your lender as soon as you possiblly can and request a meeting where you would negotiate with them to freeze the interest on your credit card for a certain period of time. If they agree, you might want to try to make as much payment as you can. Some lenders might even offer to reduce the monthly payments. You might even gain the respect of your lenders because you are being pro-active and taking responsibilities for your own debts. After all, they are business people and in business, a little bit of money is better than no money at all.If you find yourself in a situation where you cannot even afford to make the minimum monthly repayment, you might want to consider getting credit card help and get professionals to assist you in resolving your credit card issues. The thought of asking for professional help might be embarrassing for you but it may be better to be embarrassed than drowning in debt.
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