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An average of 24 percent of Americans owe more money in credit card debt than they have in their savings account. (also, 63% of Americans don’t have enough savings to cover a $500 emergency, according to a recent article in Forbes.)
Consumer credit counseling can help you lower your interest rates on each account and consolidate your debt into one monthly payment.
A professional consumer credit counselor will;
- Assess your current financial situation
- Lower interest rates
- Consolidate your debt into one monthly payment
- Provide credit card relief education programs (see payoff debt snowball video)
Benefits of consumer credit counseling:
- Lower interest rate on debt resulting in lower payback
- One monthly payment
- Debt free in about 5 years
- Less impact on credit
Pay off credit card debt fast when current on bills:
Ok, that sounds really awesome. But, what if I am happy with my interest rates and I don’t mind making multiple payments?
Well, in that case, I have some ideas on how you can pay off credit card debt faster when you are current on your accounts.
Great, I would love to know to pay off my credit cards faster!
First, you need to STOP using your credit cards. Then, create a budget analysis.
Free Budget Tool – CLICK HERE
NEXT; Organize your credit cards from highest interest rate to lowest and pay highest first.
YOU CAN EVEN MAKE PAYMENTS TWICE A MONTH!
See if you can find ways to cut expenses to increase the amount of money you have to pay off debt.
Where to cut monthly expenses:
- Reduce cable bill
- Reduce cell phone plan
- Lower grocery bill
- Eat in more often
- Find cheaper or free entertainment
- Share rides
- Shop for cheaper insurance plans
Finally, Reward yourself!
- Take your spouse to dinner
- Take the kids miniature golfing
- Go see a movie
- Get that Starbucks you been denying yourself
- Have friends over for dinner.
Maybe, well get a new boat!
Ummm, don’t you think you should be a little more realistic? Darn! I suppose we should celebrate with dinner and a movie. That’s more like it. The goal is to stay out of debt. Wow, I wish; I was able to do that on my own. Yes, it is challenging, but if your accounts are up to date and your interest rates are low, this is a good option. What if I can’t even make my minimum payments?
Then you should consider Debt Settlement.
You may be a good candidate for a debt settlement if:
- You cannot make minimum payments
- your accounts are sent to collection
- You are in financial hardship
A professional debt settlement negotiator will:
- Create a custom built program for your financial situation
- Settle one debt at a time until you are debt free
- Negotiate lower balances
- Set up one flexible lower monthly payment toward all debt
Benefits of debt settlement are:
- Avoid bankruptcy
- Debt Free in about 3-years
- You end up paying back less than the total owed
Thanks for all of the information. I really appreciate the ideas. No problem Steve. Which option interests you the most?
I think the Credit Counseling Program is the best for me. My interest rates are kind of high and one monthly payment would sure help. Perfect! I wish you luck Steve. I know you can do this!
How can we help?
- Custom debt relief program
- Debt consolidation
- Debt negotiation and settlement
- Tax relief
- Student loan debt relief
- Credit card relief services
- Financial education
- debt relief blog
- debt relief resources
- visit our website