Eliminate Credit Card Debts

I know it may not feel like it right now, but it is possible to eliminate credit card debts. What is more, debt can be eliminated quickly and easily if you know the right strategies.

Perhaps I should say simple rather than easy. Discipline is an essential ingredient.

Only through discipline is it possible to stick with the debt elimination program, resist further purchases, and keep planning how to improve your financial circumstances.

Research and analysis are also necessary, for example investigating which is the best Credit Card Balance Transfer Deal.

One of the most effective do-it-yourself strategies to eliminate credit card debts is to take advantage of 0% on Balance Transfers

Don't be discouraged. The very decision to get out of debt already gets you 50% of the way there. It is the critical turning point and you just need to get momentum moving in the right direction.

Although the various financial gurus all offer their own approach, there is a basic recipe for debt reduction that always provides the foundation:

1. Make a list of all your cards.

2. Write down the balance owing on each card and the current APR.

3. Add up each individual amount so you know the total amount you owe.

4. Make a list of assets, particularly cash in various bank accounts or liquid investments (NOT IRAs!) and see if you can pay the debt down at all with your own current resources.

5. If possible get a card with a 0% APR and transfer as much debt as possible to this no interest lifeline. 0% on Balance Transfers

6. Make minimum payments on every card EXCEPT FOR THE CARD WITH THE HIGHEST APR. Focus all your efforts on paying this card first.

7. Move through the list, making the minimums on all cards if you can, and focusing in succession on eliminating the debt with the highest APR, that is, the credit card that is costing you the most in interest.

Next, take the critical step to learn about debt free living. This CAN be done, and it will change your life forever!

"There are no mistakes in tomorrow." Credit card debt and bankruptcy CAN be overcome with the right tools and information, so never give up.

Please don't feel preached at, but there is one more thing I really do have to say. There is no point going through the self-sacrifice required to eliminate credit card debts if you end up back where you started.

PLEASE DO NOT go back to overspending - it is a route to misery. Remember the great quote from Charles Dickens:

Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. Charles Dickens

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