How to best clear my Credit Card debts? Please let me out of this dark hole.?

Start limit my usage with only 1 card now.

Card A - RM7000

Card B - RM5000

Card C - RM2000

Card D - RM2000

How to best clear my Credit Card debts? Please let me out of this dark hole.?

The first step is to stop using the cards all together! No more credit cards!!!

Now, go get all your cards, a piece of paper and a pen. List out each card you have and the balance you own on them. I want you to list them starting with the card you owe the least on and ending with the card you owe the most on. (for the sake of this discussion we will call the first card, card A and the second Card B and so on)

Now each month when you make your payments I want to to pay the minimum balance of each card except the first card listed, Card A. I want you to put all left over money from the month towards Card A (you may need to do a budget to get your self together). You do this every single month until Card A is paid off. Then I want you to take the minimum that you were paying on Card A and add that to what you will now pay each month to Card B. So now each month you are paying what use to be Card A%26#039;s minimum balance plus Card B minimum balance and any leftover money towards Card B and you are paying the minimum balances on all the rest. You will continue to do this until every card is paid off.

The reason why I am asking you to do it this way, opposed to paying off the highest APR first, is quite simple. If you pay the cards off the way I suggest you will see quick result, this will motivate you to continue to steam roll these cards out! As each card is paid off you will feel more and more determined. Also, if you were to calculate the amount of money you would save by paying off the highest APR first verses the way I suggest you would find that there is little savings. That is IF you would even continue to try to rid your self of this debt using that method. Most people don%26#039;t! Want to know why....Because they don%26#039;t see results!

With my method you will see results, I promise you! The key is to live within your means. Get on a budget and stick to it! You can do this!!!!

Good luck

How to best clear my Credit Card debts? Please let me out of this dark hole.?

Have you been able to make the minimum payments for each card? are they in diffult?

I will assume you have been making the minimum payment. 1st thing to do is call each card and tell them that you have recieved a credit card offer with a lower APR, and that you plan to transfer your credit to this card if they can not meet this APR rate.. (by doing this you should be able to lower your APR rate by 5%-10%, trust me the credit card company wants your business and they usually won%26#039;t risk that you are bluffing. Secondly take the card that has the highest APR and start making larger payments, while paying the minimum payments on the lower APR cards. Once card A is paid off, proceed with the same process until all cards are paid off. While paying these cards off never use a credit card. Make a chart of all your expenses and make sure to cut any excess.( Bring homemade luch to work, make your own coffee.) Don%26#039;t feel like a bad person because of your financial debt. Your debt is not your life. I know it seems like your in a black hole, but don%26#039;t let this debt keep you from enjoying and living life.

How to best clear my Credit Card debts? Please let me out of this dark hole.?

The most important thing is NOT to pay only the minimum monthly payment. You%26#039;ll never pay them off if you do that.

You need to double or triple your payments whenever possible. Work hardest on paying off the ones with the highest interest rate first.

As an example lets say:

Card C has a 21% APR

Card D has an 18% APR

A and B have 15% APR%26#039;s

First pay off Card C as fast as possible since it has the highest interest rate, maybe paying triple the minimum payment.

Once Card C is paid off, put that extra money towards Card D. When card D is paid off, you%26#039;ll use that extra money towards paying off cards A and B. Each time you do this you%26#039;re putting more money towards each card, paying if off even that much faster. Keep doing this until they%26#039;re all paid up.

Good luck.

How to best clear my Credit Card debts? Please let me out of this dark hole.?

As much as it may suck, you need to put any extra money you have to pay them off as quickly as possible. DON%26#039;T just pay the monthly payments. Your interest charges are probably more then the monthly payments are and you%26#039;ll never pay them off. I got myself pretty badly into credit card debt a few years ago and I put $200 a month on each of them, and used almost all of my tax returns from the past two years to finally get them paid off this Feb. Don%26#039;t use them anymore and in the future, just be more careful with your spending habits. We%26#039;ve all been there. Just work hard and you%26#039;ll get them paid off.

How to best clear my Credit Card debts? Please let me out of this dark hole.?

the first key to getting out of a hole is- Quit Digging!%26quot; and then pay as much as you can on the highest interest card while maintaining min payments on the rest of them. if you can pickup a part time job to make it go faster, then do so! even odd jobs will help!

How to best clear my Credit Card debts? Please let me out of this dark hole.?

First off, cut up all your credit cards. Just keep a debit card that takes your funds directly from your checking account. Then find a good credit counseling company. I use(d) Advanced Debt Management. While they do charge a fee, they will negotiate with your credit companies for a much lower interest rate. My payments ended up being less than half of what I was paying before, including the fee. So, it%26#039;s soooo worth it. You should be debt free in less than 5 years. Especially if, once your smaller cards get paid off, you apply the money that was being sent to them, to the other cards that have a higher balance. And while you may be able to do it for yourself, it%26#039;s much easier, and they can get the percentage rates down TO the 8-12% range, which for me was less than half of what they%26#039;d been before. Oh, and they will also negotiate with them so that you will be current with your payments (even if you%26#039;re several months late). That gets rid of some of the late fees. Check out: www.advanceddebt.com . Good luck with everything :) I hope I helped!

How to best clear my Credit Card debts? Please let me out of this dark hole.?

I suggest you move away from credit cards totally until you know how to handle your finances. Discipline yourself and work towards repaying the amount owed. Credit cards are usually the cost of life%26#039;s miseries.

How to best clear my Credit Card debts? Please let me out of this dark hole.?

The most popular solutions to the problem of heavy debt burden is to get a debt settlement or file for bankruptcy. Among these two debt settlement is preferred as it has a relatively less impact on credit report. In this article we assess the benefits and drawbacks of debt settlement.

Debt settlement is a process in which an organization will go to your lenders and negotiate with them regarding your debt. The purpose of the whole exercise is to reduce your debt burden. If a settlement company is good it can get your debt reduced by as much as 50%. This is what a creditor needs and this is the most visible benefit of debt settlement. The amount of the debt is reduced, the repayment plan is made easy and often the monthly installments are spread over a long period. This makes life a lot more easier for the borrower.

However, debt settlement is not without its drawbacks. There are two things to worry about. First, is the cost of debt settlement. Debt settlement companies will charge huge amounts for their services. The usual range is between 10-15% of the debt amount. Paying this much amount upfront can turn your financial situation from bad to worse. Read more about it at: http://www.credit-card-gallery.com/artic...

How to best clear my Credit Card debts? Please let me out of this dark hole.?

Credit card is the legal %26quot;loan shark%26quot;! It will only bury you deeper and deeper into the grave of financial trap! My advice is, stop using all the credit cards, cut them all, use your scissors! Start paying monthly, at least minimum payment for every cards%26#039; outstanding balance. You must have the discipline to get away from the temptations around or else you will always be the slave of debt!

How to best clear my Credit Card debts? Please let me out of this dark hole.?

%26quot;A debt consolidation program helps to get out of all high interest debts. There are various types of debt consolidation loans.

Home equity loan is one such debt consolidation program where a person can use home to get a loan.

This is a secured loan and the interest rates are low compered to unsecured loans.

Selecting a online debt consolidation is very easy as it allows you to total all your debts into one small payment.

Going for online debt consolidation is a good option, you need to take into account the fee charged by the debt consolidation companies.%26quot;

How to best clear my Credit Card debts? Please let me out of this dark hole.?

Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi...