My Debt Relief Plan

5 How to Steps to Eliminating Credit Card Debt

#1 Make a List - Identify and Acknowledge ALL Your Credit Card Debt

List all of your credit cards. You may want to create a multi-column form to organize the data. Include the following 4 items of information - for each card listed:

-Interest Rate or Rates

-Minimum Payment Percentage

-Current Outstanding Balance from Last Statement

-Minimum Payment Due from Last Statement

Doing this, Writing it down, what you owe can be to be a stressful and painful experience or process, but just don’t panic. You are taking the first step to taking back control of your finances and returning your credit back to the right track.

#2 Total the Columns listing the Current Outstanding Balance and Minimum Payments.

These 2 figures will be needed for you to understanding and developing a plan towards eliminating your credit card debt. So, if you have 7 different credit cards, you are looking to find the total current outstanding balance owed on all 7 cards and also the total of the 7 different minimum payments due from each.

#3 Which Card Has The Highest Interest Rate?

Find this one on your list, circle it. This will be the credit card you that is charging you the highest interest rate. You’re going to work on this card first in your efforts to eliminating your credit card debt.

#4 Create A Budget for your Personal Finances.

This is a necessity in this taking back control process. A personal budget using budgeting spreadsheets (monthly is the best) can provide you with what you have coming in (income) monthly and what you are spending each month (expenses), the difference remaining (income less the expenses) will be what you will use towards eliminating your credit card debt.

#5 Now to the Payment and Debt Elimination.

Using the card you identified in Step #3 with the highest interest rate, this will be the card we will work on eliminating the total balance due. Don’t forget, you will need to pay the minimum balance on each of the credit card you have EXCEPT this one. Since this one has the highest percentage rate, you will pay as much as you can on top of the minimum balance.

Here’s an Example to go by, if your minimum monthly payment due is $85.00, and based on your budget, you budgeted to pay an extra $100 toward your credit card debt, you would then make a payment of $185.00 to this credit card.

Continue to pay on this highest interest rate credit card first, until the total balance is paid off. Keep in mind, for this to benefit you the most, do not use this credit card for anything. If you have many different credit cards, you may want to cut the actual card up so that you can’t use it. You want to bring the balance to ZERO as quickly as possible. Once the total balance for this first high interest card is paid off, move to the next highest credit card percentage rate. Continue this process until you have paid off all your credit card debt.

You may be able to also speed up your debt reduction plan by calling your credit card companies and asking them to lower the percentage rate. You may be able to negotiate a lower interest rate, thus saving you money!

A major key to creating your personal finance plan that you can work with is to take it one step at a time. If you can’t plan your future, clear your debt, and create a budget all in one day… you’re likely to need a vacation or to just throw up your hands and go shopping (spending more money you don’t have). Take it slow and think about your budget first. This is the most important key to gaining and taking control over your personal finances and money management.

It’s time now, to take control of your money management, credit card debt and personal budget. Consultant, Kim Parsley with over 25 Years of Accounting Experience at all levels, has experienced & discovered strategies, techniques and secrets to setting up and implementing systems in New & Small Businesses. She wishes to share this with people over the world through her works. Discover more at: http://www.EasyMoneyManagementSystem.com

Copyright Statement: This article is free for reproduction but must be reproduced in its entirety, including all live links and you must include this copyright statement.

To Your Success In All That You Do and Dream Of…. Kim Parsley

Add comment September 30th, 2008

Getting the Credit Card Debt Relief You Ever Need

Presently, more and more people are getting into credit cards debts, and this mostly cause by the simple, easy and quick process of acquiring them. Due to this, these people also are getting into debt with this credit facilities. And the main reason to this is of course, not afford to pay all the debt. If you are one them, then its time to consider for credit card debt relief so that you can jump from this serious matter and able to put your financial budget back on track.

Nowadays, getting a credit card debt relief is a lot easier than you ever thought. One of the options is by going back to your bank or your financial institutions offering you the credit. They more than happy to help you by providing a consolidation loan to get all your bills paid off. You also can work on with debt consolidation company which their main service is providing facilities to get your total bills from various card providers into only one account of bills. This way, you can eliminate all other previous account and you will commit to only one account with better payment terms

Another option is get an appointment to go to a credit card debt counselor; where you will be able to get all the help you need so that you can learn to pay your bills as well as handle all your finances. This option is better practice if you are not in a very deep situation of facing this type of debt.

Getting a credit card debt relief is always available right around the corner whenever you need it. Either you consult with the credit counselor to get financial consultation and planning or go directly to the financial institutions to get a better payment arrangement; the choice is up to yourself for better life of you and your family.

You can also get more information and help on how to get a credit card debt relief by visiting http://creditcarddebt.101easyguide.com

Add comment September 29th, 2008

Debt Relief - Obtaining Government Grants Can Erase Your Debt

There is a lot of Government Grants that are available to you and finding your free money can really help you get out of debt. Many people are suffering because the price of food and gas has shot up so high that we are having a hard time making ends meet. It makes it difficult every month because there are things that we need to have and we do not have the money to afford them so we turn to our credit cards. Credit cards are ok to use as long as you can pay them off each month but most of us can not and we get into a financial bind. There are solutions that will help you get out of debt now and you should take advantage of them.

Government Grants have been for a long time a great source to get money to pay off debt and you should take advantage of this option for you. With so many people finding it difficult to manage there credit card debt then finding a solution that can help you get out of debt can be a big plus. Grant money can be found in a many different ways but you want to make sure that if you really need debt relief then are persistent

Remember that if you are having issues with your credit card debt then you need to act fast so that you can stop harassing phone calls and get your financial life back in order. There is many places to get help finding a Government Grant so you want to take advantage of all sources that you can to be successful.

Get a Free Money : Government Grant Now

Find Free : Debt Relief Today

Bryan Burbank is an expert in the field of Finance and Debt Relief.

Add comment September 28th, 2008