Gaining Control Over Your Credit Card Debt

Studies Show Excessive Credit Card Debt Is A Contributing Factor To Filling For Bankruptcy

Do you lie awake at night worrying about your credit card debt? Do you own several different credit cards and having problem managing all at once? Is your mailbox swamped with past due billing statements? Are collection calls making you consider disconnecting your phone? If your debt is starting to trouble you, then it’s time to really do something about it before it gets even out of control.

Time To Test How In Touch You Really Are With Your Financial Situation

A reality check is important before anything else. You need to know exactly how much you’ve been spending. Let’s say in a month, list down all expenses, whether cash or charge, from your basic expenditures up to the last miscellaneous fee you paid. Subtract the total amount to your monthly salary and see how much is left for paying debts. Chances are, you could be surprised that there is barely enough spare to go to credit. You may even be shocked that your expenses have actually exceeded your earnings. If this is the case, you would need to make some adjustments on your budgeting. From your list, you should be able to pick the most important expenses from the group. For the rest of the items on your personal inventory, you could decide either to reduce if not entirely cut the budget allocated for it in order to make room for your credit payment fund.

Is It Time To Consolidate Your Debt?

Debt Consolidation is the key. If you’ve been using too many credit cards for your purchases, there is a good chance that you may not be able to manage all of them properly. More credit cards also mean more chances to shop even when you really don’t have the funds to pay. It may be time to consider sticking with just one credit card so that you can keep track of your account easily and accurately. Also always ask yourself before you put that new purchase on your credit card, Do I really need this. Is this new purchase worth paying on it over the next few months.

How Debt Consolidation Companies Can Help You

If you’re having a hard time organizing your finances, why not ask for help through a Debt Consolidation Company? It could save you the hassle of paying and trying to distribute your money different creditors at the same time. Through a debt consolidation service, the money that you pay them would be distributed to your creditors for you. If you have multiple credit cards, they could assign which ones to prioritize while making sure that the other accounts are not neglected. They will be the one to monitor your credit accounts, ensuring that you are able to pay your debt on time.

Their services also include:

  • talking with your creditors on your behalf
  • making arrangements to lower your interest, even deleting the extra
    fees you’ve been charged for over dues or exceeding your credit limit.

There are also non-profit debt consolidation companies that offer all these services. Just remember that before you enroll yourself to a debt consolidation service, it is extremely important to make sure that it is a legitimate company. You can ask your creditors for recommendations on the company they usually work with. Do your research and verify that the company you’ll be working with has a good reputation and history on their name. Yes, it is possible for you to take control of your finances and be once again, debt free! Why not do so today?

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