Pay off credit card bills

Do you need to pay off your credit card bills? This article will list some of the ways people do this. Some bad, some good.

The first step is always to make a list of your income each month and gather all your bills together. It will help to put them in a spreadsheet or make a list you can refer to.

Debt Settlement – aka debt negotiation is a way of attempting to reduce the amount owed to the credit card companies. By negotiating with the credit card companies it is possible to greatly reduce your credit card debt and greatly help you to pay off credit card bills.

Credit counselling aims to reduce the interest you pay on your credit cards – frequently to as little as 0 – 12%. This may make it a lot easier to pay off your credit card debt. You may find however that a credit card negotiation scheme will be better – so it is a good idea to seek debt advice.

Filling for bankruptcy is probably not a good idea. It can have a terrible affect on your credit rating meaning you will find it very hard to get credit again for a long time. For some people for no income or savings this is a last resort / their only option – but for those that can avoid it there are better methods of paying off your debt.

Paying off just the minimum payment each month on your credit cards (at the standard interest) will generally mean the debt will take a long time to repaid. This is not a good way of paying off your credit cards debts and can take as long as 20 – 30 years to repay a debt.

Make a budget. Don’t bury your head in the sand, and don’t assume that things will sort themselves out. Create a budget and stick to it. Whether you are using debt settlement or not creating a bidget and sticking to it is absolutely vital.

There are various ways of paying off credit card debts, some good, some bad. If you really want to pay off a substantial credit card debt you will have to take positive action and take control of your debts.

Article copyright Paying Paul

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