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how to handle credit card debt..reduce payment, finance charge current on payment..?

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This entry was posted on Friday, September 25th, 2009 at 5:07 pm and is filed under How To. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “how to handle credit card debt..reduce payment, finance charge current on payment..?”

  1. Call each of the debts and try to get the interest lowered. Then decrease your expenses. Don’t eat out. Get rid of the cable. Get rid of the cell phone. Etc.

    Increase income.

    Then, make the minimum payments on each debt. On the one with the lowest balance, put all your extra money to it. When you pay it off (which should happen quickly if you truly dive in) then take all the money you were paying to that debt and start paying it to the next lowest balance. Continue this "debt snowball" until everything is paid off.

    Then NEVER USE DEBT again unless you can pay your balance in full every single month.

    There is no one that can do this for you. You can’t BORROW your way out of DEBT. Debt Consolidation just charges you money to do what you can do your self.

    Go to the library and check out Dave Ramsey’s book! Check him out on the internet, listen to him on the radio, attend a class at church, or watch him on television. He will get you motivated.

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