10 Things You Should Know About Credit Cards

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It was only a matter of time before the number of people experiencing credit card debt would increase; many families are now experiencing severe financial problems. Very few people that can say they owe nothing on them and as a consequence these finance companies are now owed thousands of dollars on most of the cards that have been issued, unfortunately people are only now beginning to realize that the damage has been done. Before the situation goes too far, seek a credit card debt relief solution to the problem. The card holder must cease using it whilst he or she finds an option or the situation will just get worse and will never be resolved. Credit card debt relief is possible but it does rely on the person actually wanting to do something about the situation. The three debt consolidation plans detailed below are going to be your best options although they are by no means the only one available. The most obvious move to start with is where the debtor is in a position to pay back the debt; they can opt for debt consolidation with a credit card that charges low interest and clear off the single debt in installments every month. Consolidation loans are becoming popular as all the debts can be replaced with just one amount which should be considerably easier to pay on a regular basis. This option does require a certain level of commitment on the debtor's part as once the debts are clear there must be no temptation to use them again. Remember, consolidation by card or loan will only work if the debtor has not already damaged their credit history. If this avenue of credit card debt relief is not available then the next option is to look towards negotiation with the card issuer directly or through a company that specializes in debt relief. The company can negotiate with the creditors to accept some money, generally about 50 percent of the outstanding balance and then write off the rest. The final option is bankruptcy which should not be taken lightly but if the debt is totally out of control and there is no way to escape from the debt trap then filing for bankruptcy may be the only way out. This final option means that the slate will be wiped clean but trying to access credit of any kind will be very difficult whilst the bankruptcy is in force so rebuilding the credit history will take some time. Credit card debt relief should not be something you ever repeat because it will mean you haven't learnt anything from your experience.

Maybe these 10 items may answer some questions you have about
using credit cards. Make sure to check out the link in #1.

#1. Don't Use Them.

Credit cards accounted for 1.3 million Americans filing
bankruptcy in 1998.

#2. If you use credit cards pay them off each month.

Carrying a balance on your credit cards could add up to hundreds
of dollars each year in interest and penalties.

#3. If you can't pay off your credit card balance each month,
pay as much as possible.

Every extra dollar you pay over the interest charges goes toward
paying off the principle. Minimum payments are 90% interest and

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10% principle.

#4. Never obtain a credit card based on an introductory interest
rate.

Introductory interest rates are strictly bait to get you hooked.

5 Surefire Ways To Eliminate Credit Card Debt

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After a short period of time the intro rate increases
substantially.

#5. Be careful consolidating your credit card debt.

Whether you use equity in your home or find another credit card
to lower your interest rate, there are things you MUST DO. If
you pay off a credit card you are going to receive constant
offers, either checks in the mail or special offers, to use that
credit card again. Be sure to cut up the credit card you paid
off and contact the company to cancel.

#6. Do not obtain credit card protection.

Many credit card companies offer credit card protection for a
fee. This is normally a percentage of the outstanding balance.
According to the Federal Trade Commission,
(http://www.ftc.gov/bcp/conline/pubs/alerts/lossalrt.htm) you
are only obligated to pay the first $50 when your credit card
is used by someone unauthorized. You could easily pay several
times the $50 for credit card protection in a year.

#7. Don't keep more that two credit cards.

The biggest reason for this two card rule is that it is easier
to keep track of possible errors and current interest rates
with no more than two cards. Some credit card companies will
increase your interest rate without prior notification. You must
look at your statements each month and inquire about any
discrepancies.

#8. Always mail your credit cards bills at least seven days
prior to the due date.

Currently, credit cards companies are allowed to charge a
maximum of $29 for late fees if the bill is not paid on time.
With delays in the mail and processing time once the bill
reaches the credit card company offices, you need at least 7
days to be sure it is posted on time.

#9. Always protect your credit card numbers from others.

Be sure that you don't allow unauthorized people to see your
credit card numbers. It is very easy to use someone else's
credit card, as stores are very lax in their security of
handling credit cards, seldom checking to see if the signature
on the back of the card matches the one on the credit card form.
Never give your credit card number over the phone unless you
know who you are talking to.

#10. Don't use credit cards for groceries.

Buying things like groceries with a credit card, unless you
pay the card off each month, is a no win situation. Buying
recurring items like groceries will only tend to increase your
credit card debt each month.

About the Author

Terry Rigg is the author of Living Within Your Means - The Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor
of The FREE Budget Stretcher Newsletter and Budget Stretcher
web site http://www.homemoneyhelp.com. He has 25 years of
experience counseling individuals and families concerning their
personal finances.

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