10 Steps To Tackling Your Credit Card Debt Problem

First of all, you can take comfort in the fact that you are not the only one fighting credit card debt problems. There are hordes of people who have even worse credit card debt problems when compared to yours; all of them seeking an effective way to eliminate the credit card debt. So what is the solution to your credit card debt problem?
Well, the solution really is to smash the credit card debt with full force and eliminate it completely. Now how do you do that?
There are many ways in which you can solve your credit card debt problem. Different people suggest different ways of tackling it. However, here is a simple step by step account of what you can do to get rid of your credit card debt.
1. Take stock of the situation i.e. draw up a table with the following fields – Credit card name, balance, payment due day (the day of the month by which you are required to make payment of your credit card bill), APR, reward points earned, redemption offers applicable for your reward points balance, remarks.
2. Fill the table up with data from your various credit cards.
3. Check if any reward points that you may have accumulated can be used to make partial payments or cover any kind of fees or even if the points can be bartered for something you need.(spending less means preventing the credit card debt problem from getting worse).
4. If you have any available credit on any of your credit cards it would worth your time to call those credit card companies and check on the availability of lower interest rate balance transfers. If they offer reduced interest rate balance transfers, it would be wise to transfer any balance of a higher interest rate credit card.
5. You may also consider applying for another credit card (I know, I know, your trying to eliminate your credit card debt, not create more.) Hear me out first. If you can get a lower interest rate balance transfer credit card that you may be able to consolidate one or more of your credit cards into one, this would allow you to do two things: first you can eliminate at least one (hopefully more) of your higher interest rate cards. Second, it will cause your required monthly payment to be lower allowing you to pay a larger amount towards your principal, not just your interest.
6. First eliminate debt on the credit card contributing the most to your credit card debt problem i.e. highest APR (interest rate) and highest balance. Start with one. Pay the minimum required monthly payment on all the other credit card while applying the most money you can afford to the credit card first on your list to pay off. This will allow you to reduce the balance faster and to break the cycle of the never ending balance payoff.
7. Once you have eliminated the debt from one credit card, do yourself a favor and destroy it. In todays day and age it is almost a necessity to have a credit card, but you only need one and if you have to use it, you should pay the balance off completely every month.
8. Practice controlled and healthy spending habits (after all you are looking to get rid of credit card debt problem for good and not just temporarily.
9. Look for alternative means of adding to your income (more money means earlier termination of credit card debt.)
10. See your debt reduce with time and celebrate the day when you finally put an end to your credit card debt problem.
Remember,it is ultimately up to you to make a change in the way you use and percieve credit cards and credit card debt. You CAN take control of your financial future and put and end to credit card debt forever.

Income Protection

If you are like most people in the UK, your income if absolutely essential to your quality of living. There is a good chance you have a mortgage or rent payment to make each month, not to mention putting food on the table, paying the gas and electric bills and having some money in your pocket for life luxuries.
Everything may seem bright and breezy now, but what would happen and how would you cope if you were to be infected with an illness or suffer an injury tomorrow which meant you unable to work?
Most people believe that if something like this happened to them, the government would help them. However with incapacity benefit standing at approximately £73 per week and plans coming in to force to make it harder to claim, many people are in for a bad shock. Even if you are eligible to claim, could you really live on £73 a week without a vast declination in your quality of living?
So what can be done to protect yourself against this problem? Well the solution lies in an insurance policy called Income Protection. This type of cover allows you to receive a monthly income from the insurance company if you are injured or ill and unable to work. It will keep paying the monthly amount until you are able to return to work or until your retirement age if you cannot return to work because of the illness or injury.
Income Protection quotes from a broker like Top Quote Online allow you to compare the whole of market to ensure you are getting the most competitive quotation from companies like AXA, Bupa, Friends Provident and Pioneer Friendly.

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Get Highest Relief Through Debt Consolidation And Debt Management

Debt management also tells you to get rid of temptation that will increase your debt and be aware of where your money is going and you will find that reducing unnecessary expenditures will begin to add up. It is also important how you figure out the best method for you to pay of your debt. If you have multiple debts then it is completely your matter to pay off your expensive debt first or choose to pay off as many little ones in the beginning. Once you have developed good skills for managing your debt, you need to learn some ways to reduce your monthly payments and financial stress through debt consolidation method. The option that suits your financial situation is best for you.
For instance- Home Refinance enables you to refinance it allowing you to get a lower fixed interest rate. A Home Equity loan that usually has a fixed interest rate and fixed time frame and is ideally for you when you to live in it for the next several years. Home Equity Line of Credit is another option where you use your home as security for a loan.
Credit Card Debt consolidation is good only for the disciplined that have a very solid debt reduction plan. Working with a company is another good option that will help to negotiate your debt balance. And borrowing from you Retirement Pension Plan such as a 401(k) is another good decision. It is clear that Debt Management teaches you how to improve your money management skills whereas Debt Consolidation aids you with the tools to use the financial resources you have to your best. So it depends on you how you use both debt consolidation and management to your advantage.

Where bankruptcy and financial stress is at all time high there you need both debt consolidation and management provide valuable assistance to get the maximum result. For some the misuse of finances can be an addiction or it can also result from lack of understanding. It is not important how the debt occurred, but it is more of importance to accept financial responsibility and commit to change for a person to walk in the road to a debt free life. Let us first discuss how to manage debt and reduce financial stress.
Debt Management is a very important subject that will help you to understand how to get a handle on your finances. Since you are in debt, so you are looking for a counselor with a proven track record who can help you organize your current financial status, and offer honest and objective advice and provide a road map for you to pay off your debts but you need to do some extra work to make yourself educated about the person you are hiring to benefit the maximum. Next strictly maintain your timetable to pay your obligation first and then try your best to live on what you are left with.