How To Deal With Credit Card Debt!

When dealing with credit card debt for what ever the reason being can be very disturbing, I know this from past experience. I have worked in the same industry for the last 17 years and up until 3 years ago I was paid very nicely. I still make very good money and am very grateful for that but, 3 years ago I took a big pay cut which left me and my wife in a tight spot paying our bills. Really it wasn’t a pay cut it just felt like one, see I use to get a lot of overtime and had grown accustom to the amount I was bringing home. But, I realized then that we were living way beyond our means. I needed to come up with a plan and quick, and I am going to share it with you.

The first thing you need to do is get a copy of your credit report, this way you can see exactly what’s on your credit report. You can get this through myfico.com for a small fee.

You want to continuously monitor your credit report to avoid any discrepancies from creditors giving the wrong information to the credit bureau, to identity theft which does happen quite often. Identity theft is one of the biggest problems we face as a nation of credit! Did you know that your credit score could be used against you in quite a few ways, from getting a job, renting a home, to even buying a home. Next thing you need to do is contact all your creditors, I know that’s the last thing you want to do. But, you need to contact them in order get your interest rate lowered, if you are like most people you are paying a 15% to 20% interest rate. Most credit card companies are willing to work with you, as long as you explain to them and be completely honest of your situation. Also, while you’re in the process of straightening out your finances be sure to get rid of the clutter were you keep your finances and come up with a good filing system. Once you have done this, you'll want to start paying down the smallest bill first, the reason for this it gives you a since of accomplishment. Now, you'll want to try and pay at least 2 to 3 times the minimum payment due and if you can’t do this make sure you pay more than the minimum payment due at the least. If your having trouble coming up with the extra money in order to pay your debts down. I would suggest, selling off item’s in your garage that you no longer have use for or possibly getting a second job to supplement your income in order to achieve these goals. Now that you have paid off the first bill you can start working on the next one, and before you know it you’ll be debt free. I know it all sounds difficult, but if you set your mind to it and come up with a plan of attack and stick to your goals you can do anything you want. Well I wish you the best and remember there is no obstacle to big.