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    Credit Card Debt, Getting Out Is Almost As Easy As Getting In

    By Busines expert | June 22, 2013

    Credit cards offer consumers many conveniences such as travel assistance and low repayment plans. Unfortunately, for many people, credit cards are too handy and balances can quickly grow out of control. As a result, they may have trouble maintaining a good credit score, which can make it hard to qualify for a home. Fortunately, with patience and organization, in debt consumers can pay off their balances to gain financial freedom.

    Bill Organization

    Before choosing a repayment plan, review each account to determine the total balance owed, interest rate, minimum payment and due date. The next step is to calculate the total amount needed to cover the minimum payments for the credit cards. Indebted consumers should then review their total monthly financial responsibilities, such as their utility bills and car payment, to establish the extra amount that they can pay toward their debt.

    Payoff Methods

    To eliminate debt, consumers can choose from several payoff strategies. For instance, they can begin adding extra funds to repay the smallest balance first. Be sure to continue making payments against all credit card debts to remain in good standing. On Consolidatedcredit.org you can have a look to find out more on credit card debt. Once the smallest balance is settled, begin paying down the next smallest debt. Also, add the funds that were going to the paid off credit card account. As the balances become zero, consumers will gain confidence in their ability to eliminate debt. Furthermore, they’ll have fewer minimum payments due each month.

    Paying off the balance with the highest interest rate is another debt elimination strategy to consider. By eliminating a high interest debt, consumers will decrease the amount of finance charges that they are paying to their creditors. After the balance with the highest interest rate is paid off, indebt consumers should begin paying more toward the balance with the next highest interest rate. At first, try to double or triple the minimum payment. However, if consumers have more funds available in their budget, then they should add as much as they can to the debt. Also, be consistent and add the same amount each month. For instance, if an individual can pay an extra $200 toward a debt, then they should continue to add that amount every month even as the balance decreases.

    Consumers can use a debt consolidation company to help them repay several credit cards. With the total debt on one account, the payoff process is simpler and easier to track as the consumer will have one payment to focus on instead of several. Furthermore, most banks permit their customers to set up an automatic payment program. Be sure to process the automatic payment with the additional funds added to eliminate the debt quickly.

    Take a Break from Charging

    While consumers are paying off a large debt, they should not use their credit cards. Adding new charges will decrease the extra amount added to the balance. Instead, use cash or a debit card to pay for new purchases.


    A livable budget will help consumers decrease the balances that they owe creditors. In addition, a budget will help them gain control of their current and future finances. Keep in mind that with focus and determination, getting out of credit card debt can be as easy as accumulating it.


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