Home     Help     Sitemap   
 
GET LOANS GET FUNDING BUSINESS REGISTRATION BUSINESS INVESTMENTS
 
   RESOURCES
   MENU

>

Home

>

Small Medium Enterprise (SME) Grant
> Brief History of Singapore
> Singapore Economy
> Why Setup in Singapore?
> Type of Business Entities
> Singapore EntrePass
> Singapore Employment Pass
> Singapore Immigration
> Travel To Singapore
> Accommodation In Singapore
> Hotels In Singapore
> Corporate Credit Cards
> Forex Exchange
> Stock Market
> Courier Services
> Cash Management
> Singapore Money Lenders
> Recover Bad Debts
> Wealth Management
> Risk Management
> Accounting Services
> Auditing Services
> Bookkeeping
> Corporate Secretarial Services
> Taxation Services
> Payroll Services
> Singapore Tax Rates
> Singapore Banking Services
> Singapore Web Hosting
> Singapore Exchange Cloud Hosting
> Singapore Virtual Office
> Singapore Serviced Office
> Home Office
> Singapore Offshore Company
> Singapore Offshore Banking
> Articles
> Resources
> FAQs
> Business Plan Resources
> Business Calculators
> Links
> Free Business Listing
> Blog
 
:: ARTICLES ::
How Can I Eliminate Credit Card Debt?
 
................................................................................................
 
 
  There are several methods to eliminate credit card debt, and they usually start with making certain not to spend any more money with credit cards. It's hard to get out of debt when people continue to spend, because the amount of debt can stay static or even increase.

Once the commitment not to make any more credit card purchases is in place, people can choose numerous options to eliminate credit card debt. These include figuring out how to pay the debt from current funds, removing the debt from cards and transferring it to low interest loans like home mortgages, using a consumer credit agency, and claiming bankruptcy.

The most desirable option is to pay down credit cards from current and future funds. People are advised to evaluate all cards and amounts owed and begin by first paying off those cards with highest interest rates. If rates are truly high, people may want to look to transferring the debt to a lower interest card. Customers may also be able to get lower interest rates by simply contacting the credit company and asking for a lower rate.

Reasons to pay off highest interest rate cards while making minimum payments on other cards are fairly easy to understand. Those cards with high interest mean less of the actual debt gets eliminated each month. Making minimum payments doesn't usually pay any money to the principal debt and may only cover interest payments. On the other hand, low interest cards don't accumulate interest debt as quickly, which means they'll be easier to pay off after high interest loans have been paid.

   MORE SPONSORED RESOURCES
 
 



Some people find they cannot eliminate credit card debt through this method because all their cards have high interest amounts, or they have so many cards that even minimum payments are too great of an expense. Another way to eliminate credit card debt is to move all of the money owed to a different type of loan. Those who have significant equity in their homes may be able to refinance and add the debt to their homes, with only slightly higher payments, or even lower ones if they can get more desirable interest rates. For some, adding debt to home mortgages solves the issue of multiple payments owed per month.

An alternate option is to work with a consumer credit counseling groups, which may be able to negotiate with credit companies to reduce or eliminate interest so debt can be paid quickly. There are some excellent counseling companies and those that charge high fees for this service, even if they are non-profit. Many of these credit counseling services are scams and can end up damaging credit ratings more, so research reputable credit counseling agencies before choosing this route.

The final option is to declare bankruptcy, which will eliminate credit card debt quickly and completely. Not all people are eligible to go bankrupt, and they may need to prove inability to pay debts. Bankruptcy is an unattractive to most people because it will affect credit rating for up to ten years. However, there are certainly circumstances where people have no other choice and cannot possibly eliminate credit card debt without this option.

   MORE SPONSORED RESOURCES
 
 


   RELATED TOPICS

   ARTICLES

> 12 Dos And Don'ts Of Successful Networking
> 7-Step Guide To Getting Your Business Premises
> Branding For Success
> Increase The Visibility Of Your Business
> Joining Associations To Network
> Paying A "Visit" To Your Competitors
> Test-Marketing Your Products
> The Art of Funding and What Investors Will Never Tell You
> The Critical Need For Software Asset Management
> Simplified Financial Reporting For SMEs
> Turn Contacts Into Relationships
> Types Of Market Research
> Ways To Venture Abroad
> How to Secure Business Funding for Start-Ups?
> How to Choose Right Credit Card?
> Investment Myths And The Forex Markets
> What Is Debt Consolidation?
> How Can I Eliminate Credit Card?
> What Is Short Refinance?
> What Is An Offshore Bank Acocunt?
> What Is Corporate Finance?
> What Is Office Hoteling?
> Business Printing and its Various Uses



   SPONSORED LINKS
   PLACE YOUR ADS HERE
Please email us if you would like to place your company ads here.
........................................................
   LATEST PRODUCTS
Microsoft Exchange 2013
AVG Internet Security
AVG Anti-Virus

Business Plan Pro
Singapore Business Formation © 2006 - 2013