Can I get out of credit card debt?
Yes, you can get out of credit card debt. If you are determined to get out of credit card
debt you surely can get out of credit card debt. Though it’s a bit difficult to get out of credit
card debt, it isn’t impossible. All you need to get out of credit card debt is determination and planning. Both are
equally important (or maybe determination is even more important). Determination doesn’t come without proper
reason. So, you need to first ask this question to yourself – “What will I get if I am able to get out of credit
card debt?”, “What difference will it make”, “What’s in it for me” or “Is it really beneficial to get out of credit
card debt”. Use the answers to build your determination. The fact that all the nagging via mails/phone (by the
credit card supplier and/or their collection agent), will be gone, should do good to strengthening your
determination and should provide you with a reason on why you should endeavour to get out of credit card debt.
Think about the stress-free life after you get out of credit card debt. Try to link various reasons together and
try to see the benefits through them. All these collectively will help in bolstering your determination and prevent
it from getting weak at any point in time.
The second thing that you need to get out of credit card debt is planning. The planning to get out of credit
card debt will start with making a list of the credit cards that you currently posses and noting the debt and the
APR for each of them. The sum total of all these various credit card debts, will give you the total credit card
debt. You also need to check if you have been defaulting on payments on some of these credit cards (and hence
incurring a late fee). You will need to avoid that and put it on the plan you have prepared to get out of credit
card debt. The next step in getting out of credit card debt is to check your current financial position and make an
assessment of what you expect your future financial position to be. Next comes the research to check the various
balance transfer offers available in the market; to see if one of these can prove beneficial to you. Use all this
information to calculate how much time you will require to get out of credit card debt and how you will distribute the debt payment across your
various credit cards (ensuring that you payoff the debt that is hitting you the most and also ensuring that you
don’t incur late fee on any credit card payments)
Credit in Minutes Tip #1
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report
every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them
with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets
Credit in Minutes Tip
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many
credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially
stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
Credit in Minutes Tip
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be
true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time
will keep your score up where it should be.