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Eliminating Debt is a Step-by-Step Process
by Petra Shulde
http://www.fixndebt.com

Many Americans are simply swimming in debt. Are you one of
these people? With a home mortgage loan, a car loan, store
cards and credit cards? If you are then you are probably
struggling each month to make your minimum payments, let
alone get ahead with any kind of savings plan. While your
mortgage and your car loan are positive steps in the right
direction (after all, you are building equity in good solid
assets), it is the store cards and credit cards which will
give you the most trouble.

Millions of people around the globe are saddled with too
much credit card debt, causing a financial epidemic. If you
have too much credit card debt, then you are spending all of
your income paying off expenses that happened in the past,
instead of planning and saving for your future. What you
need to do is address your credit card problem head-on and
start working towards a debt-free lifestyle.

"Debt-free?" you might be questioning yourself right now.
Although it is very possible, living debt-free is not an
easy task, especially if you are thousands of dollars in
credit card debt. There is no quick-fix solution to this
problem, but if you follow a few simple steps, you can work
your way to a better, debt-free life.

The first step - which is the hardest - is to get rid of all
the credit cards so you won't be tempted to use them. You
may feel like you are dependent on your "plastic," but you
need to eliminate this temptation. You will never get out
of debt and live debt-free if you continue to spend on these
high-interest credit cards. So you need to set one credit
card aside for only dire emergencies (and you should select
the card with the lowest interest rate) and take out your
scissors for your card-cutting ceremony. Make the decision
to get out of debt and cut up the rest of your cards.

And what if you are already in trouble? What can you do to
reduce and even eliminate your credit card debt? There are
two keys options to doing this. The first is taking out a
debt consolidation loan. This is where you take the
balances of your outstanding cards and smaller finance loans
and roll them into one loan or card. This minimizes your
monthly repayments but also minimizes the amount of interest
that you are incurring each month because you are incurring
interest only on one outstanding balance rather than many.

Another option for those in financial difficulty now is a
Debt Agreement with your creditors. For those who are
having difficulty making minimum payments, you would talk
to your credit card companies and negotiate a payment
compromise that allows you to control the amount of money
that you pay every month. A Debt Agreement is a last resort
prior to filing for personal bankruptcy, and should only be
considered in the most extreme of circumstances. And, the
credit card companies may always reject your proposal.

Some examples of the kinds of arrangements that are put in
place are:
- Payment of less than the full amount of all or any of the
debtor's debts,
- A moratorium on payment of debts for a period of time to
give the debtor time to gather funds,
- A transfer of property from the debtor to the creditor as
full or part payment, and
- Periodic payments of amounts out of the debtor's income
to creditors either collectively or individually.

So it's time to take charge of your financial security and
get out of debt. Take care of your credit card debt now!

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