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Eliminating Credit Card Bills – 7 Methods

September 23, 2011

Eliminating Credit Card Bills

Credit card bills are really annoying and just don’t seem to ever want to go away. This might be the long term case for many, but for you, it can be a lot more short term by using a few debt relief tools that will provide for you. By using these tactics you can manage and pay off and eliminate credit card bills for good.

credit card bills

7 Ways To Eliminate Credit Card Bills

  1. Negotiate – The first tactic you can use on your quest to elminate credit card bills would be to call and try to negotiate a lower rate, both on your total debt and or interest rate. Credit card companies often times have access to funds which are at a much lower interst rate, or may even offer you a card through them that has a lower interest rate.
  2. Snowballing – Credit card bills can also be eliminated by using the snowball method. This method is when you pay the minimum payment on all of your cards except the one with the lowest total, which you pay more than the minimum. This will allow you to focus on paying one off at a time and pay if off fast, instead of trying to pay them all off at the same time. This can also work by paying more on the one with higher interest so that you won’t be stuck with a high for long term.
  3. Save For Retirement – Saving for retirement can allow you to get a tax write off on your savings. You can use this tax write off towards your credit card bills and if you choose to do so, you can take out your savings and use it towards your debt as well.
  4. Getting your bank to pay it off – You can try to get a loan from your bank that you can use to pay off your credit card bills. By doing this you will get a secured loan which always have much lower interst rates than credit cards. This will also allow you to avoid consolidation which is the same idea where they give you a loan, but it often times affects credit.
  5. Make A Budget – This is pretty cliche and is mentioned in many article on eliminating credit card bills, but it is such a oftenly dismissed tactic that can provide you with much value. By creating a budget, you can view where you money is going each month and eliminate certain things that you don’t reall “need”. Don’t eliminate the same thing forever, just maybe for a month or two, then bring it back and take out another thing for a couple months. By doing this you will have extra money to use on your debts and enable you to crush out you credit card bills.
  6. Pay more than the minimum – Always pay more than the minimum! The minimum payment is designed to keep you in debt for the longest time possible, which means you paying much more in interest. By paying more than the minimum you will save big on what you would have paid in interest and get rid of your credit card bills.
  7. Stop Using Your Card – To take advantage of these methods at the highest level, it would be a great call to stop using your credit  cards, or at least stop using one or more and maybe just keep one for emergecies.

By applying these methods of credit card bills elimination you can pay your bills off much faster and get better terms as well as more peace of mind. These methods can help you avoid bankruptcy and get you out of debt and back in the green!

How To Get Credit – Various Methods

September 23, 2011

How to Get Credit

IF you are just starting off like just graduating high school and college, or a just looking to build a credit score, and asking your self how to get credit, there are many different methods that you can use to enable you to establish a good credit score. This article will provide you with multiple ways that you can build a credit score as well as keep it high which will provide you with a lot of freedom that a person with a low credit score can not enjoy.

how to get credit

How To Get Credit Methods

  1. Bank Credit Card – The first how to get credit method you can use is to apply for a credit card designated for people just starting out. These can be found through the bank with whom you are banking with or your families bank. Typically you should be 18 in order to obtain a credit card, but if you have come to this information on how to get credit being younger than 18, then you may still be able to recieve a credit card under an authorized user at your bank, like a parent or a family member. Remeber with this option, that people under 21 have to either provide proof of a source of income or have a cosigner to enable them to get a credit card.
  2. Other Credit Cards – If you cannot get a credit card from your bank, then you can also apply for one through an apparel store or something similiar, like your favorite store or even a gas station card. Terms from these department stores often come with higher payments but can be a great way to build a credit score with as they submit your information each month to a credit bureau.
  3. Secured Credit Card – A secured credit card is another option for beginners when it comes to how to get credit. A secured credit card is essentially a credit card that requires you to have a savings account as well which has 100% to 200% of whatever amount of credit you desire to have. Your payments on your credit card will come right out of your savings account. So if you want 200 dollars a month in credit, you will need to deposit 200 to 400 dollars each month into your account. This option is the easiest one to use when it comes to finding a credit card for beginners. For this how to get credit option, make sure that the secured credit card provider actually does post your history to credit bureaus as some do not.

How to Get Credit – Building and Keeping Good Credit

  1. First off, do your best to not put out a lot of applications during your quest of how to get credit. Every application you submit will come up on your credit report. With this in mind, research what companies have been most likely to supply first timers with credit cards.
  2. Credit cards have a balance called a credit line, which is essentially your limit to how much you can spend. When you get your credit card and for example you have a credit line of 800 dollars, you don’t want to go over about 20 percent of this total, so you would only spend around 175 dollars. This will both make it look like a responsible credit card holder as well as have the payments low enough to be able to afford on time payments.
  3. The last how to get credit method is to pay ontime. This is obvious, but paying on time is pretty much the best to boost your credit score.

Hopefully this information on how to get credit was very useful to you and great luck getting your first credit card.

Debt Consolidation Loans For Bad Credit

September 21, 2011

Debt  Consolidation Loans for Bad Credit

Bad credit can be a major source of stress in peoples lives. It can prevent you from being able to get the car or home that you dream of. Many canʼt afford such big purchases all in one payment so a loan is the only option. Having bad credit however makes your chances of getting that loan slim to none. Debt consolidation loans for bad credit can be a great solution to this problem. A consolidation loan is basically where all your existing payments are merged into one monthly payment. The advantage of this is that it makes it more easy to keep up with your payments and also vastly reduces the amount youʼre paying in interest.

debt consolidation loans for bad credit

There are two types of debt consolidation loans for bad credit. The first of which is called an unsecured consolidation loan. With this type of loan you do not need to put up anything as collateral, such as your car or home. This is a particularly appealing option for those who do not want to take any risk with their home when consolidating their debts. It should be noted that with this type of loan the interest rates are usually higher since the risk for the lender goes up without anything as collateral.

The other type of debt consolidation loans for bad credit option is a secured consolidation loan. As you may have guessed this is where you are required to put up something as collateral. For most people this will mean putting up their home. You should exercise great caution when thinking of doing this as though it may be easy to get the loan your risk losing your home if youʼre unable to make the payments each month.

Many people think that a debt consolidation loans for bad credit will reduce the amount of debt they are paying. This can be true, but the place where you are saving money is in the reduced interest rates thanks to the debts being combined. This is not the only benefit however.

Benefits of Debt Consolidation Loans For Bad Credit

Some of the other benefits include -

• A lower interest rate

• Your debts are made more manageable by being merged into fewer payments

• Lower your monthly payments

Waive late fees

• Avoid bankruptcy

Of course there are other options that people consider when their finances get on top of them. One of the most popular ones is to fie bankruptcy . The would not be advisable however due to the fact the once you file bankruptcy you cannot do it again. This may not seem like a problem but if you were to find yourself with financial troubles again in the future it would not be an option for you. Also when you file bankruptcy it is a matter if public record and could potentially hurt your chances of employment in the future

Since the recession has hit many more people have found themselves with bad credit. Of course it cannot be blamed only on this factor but it certainly hasnʼt helped  situation. Debt consolidation loans for bad credit are on of the best solutions to the problem of mounting and unmanageable debt.

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