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Having too much credit card debt is never a good thing. The interest charges, late fees and creditor calls are not something you want to deal with. However, getting your credit card debt under control can be a daunting task.
Take The First Step Today
Fortunately, there are steps you can take to get your debt under control. Take that first step right now by analyzing your current debt situation.
Get all of your current credit card debt statements. Look at how much you owe, how much interest you are being charged and any late fees you have incurred. This will provide you with some insight and motivation to change your financial habits.
Knowing how much you owe will also allow you to plan a course of action. If you have a lot of high-interest credit cards, you may want to pay those off first. If you have many cards with a high balance, you may want to pay those off first.
Arrange For A Settlement Program
Try to settle as much of your debt as possible. This helps you because it decreases the amount of money that you owe to your creditors.
For example, say you owe $18,000 in credit card debt. Settling that debt will reduce the amount you owe to $9,000. Most settlement plans take anywhere from 24-48 months to complete.
You may also decide to settle on your own. Doing so may require you to make a lump sum payment. This means you would have to pay the entire $9,000 balance at the time you settle. Make sure you have the funds available to cover this payment.
Even if you don't settle, it is in your best interest to pay off your credit card debt as soon as possible. You don't want interest accruing on your debt any longer than you need to.
Where Can You Find Debt Relief
You are more than welcome to negotiate a settlement with your creditors on your own. This will save you a lot of money in fees that credit counselors will charge you. However, keep in mind that you might not get the best deals.
You also have to understand that negotiating a debt settlement on your own may take longer. Your creditors will have all the leverage if you don't have anyone helping you negotiate a reduced payment amount.
Reputable credit counseling services are available to help you work through your debt issues. They will help you work on your financial literacy. You will start to understand how to save money, how to choose a good credit card and how to budget.
Avoid Taking Out A Loan
Whatever you do, avoid taking out a loan to settle your credit card debt. A personal loan will come with an interest rate of 15 percent or higher. You also face the prospect of having to pay off your entire debt balance.
What happens if you fail to pay off your consolidation loan? There is a good chance that you will have more debt than you did before. You might have to sell your house, give up your car to repossession or face other consequences of not paying off your debt.
Start taking control of your own financial situation. Gather up all your credit card statements to determine how much you owe. Then, you should start making some phone calls. Call 1 (888) 703-4948 immediately. Calling this number will connect you to a professional who can help you on the path to debt settlement. Get more information about ways you can get out from underneath your debt burden.