Attacking Credit Card Debt

There are far too many Americans asking themselves how they can attack their credit card debt.

The first thing you need to do is to stop charging things!

Now, I know how difficult this can be, but it really is the only way. You will need to get out of the red before you attempt to better your financial standing. If you absolutely have to use your cards, then you’re not ready to get out of debt yet.

Trust me, you won’t get out of debt unless you want to and you won’t do it by continuing to charge.

Once you’ve stopped charging, take a look at your accounts and their interest rates. Transfer all that you can to the lowest rate cards, then once you’ve done so, call every credit card company you still have a balance with and ask for a lower interest rate.

When you are denied, threaten to transfer your balance with them to another card and they will usually comply. I was able to get Capital One to drop my card from 18.9% to a fixed 12.9% in just a single phone call.

Once you’ve gotten your interest rates as low as you can, determine how much you can send towards the credit card bills each month. Make sure you can make at least the minimum payment on time for every card to avoid late fees and penalties.

Attack the highest rate card first with as much money as you can spare after you have made your minimum payments on everything else. Be diligent and dedicated. It will take time, but if you can avoid charging and attack your balances, even if it’s only one at a time, you will win the war against your credit card balances.