If your credit-card balance has crept up to uncomfortable levels, you’re not alone. Millions of Americans have learned — the hard way — how easy it is to use and abuse their credit cards and how difficult it can be to pay them off.
Check out these credit-card debt elimination tips:
· Always be aware of all of the fees that may be associated with your credit card. (That means not tossing out the fine-print leaflets that come in your bill periodically!) Know the annual fees, current interest rates, finance charges, cash-advance fees and any other fees tied in with your card. This knowledge can help you make better decisions on how to manage your card.
· Cash advances can be trouble! You should only get cash advances when it is absolutely necessary. Higher interest rates (than you’re paying for card purchases) are usually charged, and most banks also charge a service fee related to how much cash you’re withdrawing. (The same applies to those handy, personalized “checks” the credit-card company sends you!)
· Don’t fall into the lower interest rate trap. Transferring balances from one card to another to take advantage of low introductory rates is a common practice among U.S. cardholders. Low introductory rates can spell disaster over the long haul. They simply help you manage debt, not eliminate it. If you read the fine print you will notice they always offer a low intro rate (usually for six months), and then wait in the wings for you to mess up on a payment with another creditor, so they can jack up the rate and double or sometimes even triple your minimum payment. This can create a huge financial bind if you are not prepared.
· Experts say that making minimum payments is one of the most common mistakes consumers make. You will save lots of money on interest and get to debt-free goals sooner if you completely eliminate your debt instead of managing it month to month. Even making double or triple the minimum payments will not eliminate debt as quick as other methods available.
It’s true that it’s really easy to fall into the credit-card trap, and not so easy to get out. But don’t give up – there is a mathematically proven fool proof method for getting rid of all of your debt, including your mortgage, with rapid speed and it does NOT involve credit counseling, low interest teaser rates, or any other useless tool that puts your credit at risk and doesn’t accomplish your goal. The debt plan methodology I teach is quickly gaining popularity as the most efficient and powerful way to eliminate your debt. Want to see for yourself? E-mail me back or give me a call and lets take a look at your updated debt plan analysis report.