Most consumers like the convenience of having a credit card.
There is no need to carry large amounts of cash plus if the card gets lost or stolen it typically takes just a single phone call to deactivate it.
Combine these amenities along with fraud protection and most feel they have gold in their wallet.
However, having this convenience often leads to spending beyond one's means. Combine a high spending limit with high interest rates and you have a recipe for disaster.
This can lead to despair and a search for debt relief .
Following are a few tips on how to eliminate credit card debt :
1) Write down expenses for the last three months and work out a budget. Be sure to include the necessities such as food, gas, rent, utilities and insurance.
Doing this will allow you to find where the extra cash is and how much you can put towards a credit card payment each month.
2) It is highly recommended by financial experts to carry only two credit cards in your wallet. One to be used regularly and one strictly for emergencies.
Cancel all other cards immediately or as soon as you pay them off if there is a balance due.
3) If you get so far into debt that the bank or card issuing company have started to call, make sure you start a dialogue with your creditors to see if you can make arrangements for payments.
Most creditors will be more than willing to make deals with you rather than have you completely default on the card.
4) Review your lifestyle and make changes accordingly. Ditch some of your expensive toys and possibly buy a more economic vehicle.
5) Use the collateral you already have.
If you own a home you could always look into a home equity loan. Beware though that with the sudden windfall of cash you may be tempted to make unwwise buying decisions.
If you are currently carrying a large debt load on credit cards, these simple tips may help you find the debt relief you are looking for.