Are your credit card debts affecting your happiness, your work, or your sleep? If you have too many credit card debts and you're serious about permanently getting rid of those credit card debts, read on.
Please don't think you're the only one suffering from credit card debts that are out of control. There are one billion credit cards in circulation in the United States, and the average monthly credit card debt balance on these billion credit cards is a whopping $5,800, carrying an average interest rate of 18.3%. That amounts to $929.70 a year in interest payments. We're talking $929.70 PER CARD! So if credit card debts are destroying your chance of getting ahead in life, you need to beto following a plan to get rid of every one of those credit card debts once and for all. Of course, in order to change, you need to be anminded person. Are you?
First, please realize that credit card debts are part of a national debt crisis. Americans accumulated $400 billion in credit card debts last year. Funny thing is that nobody ever talks about it. You'll tell your friends about your sex life before admitting the total amount of credit card debts you're carrying around, isn't that true? It's as if we all feel like we're supposed to be rich and successful, and can't accept the fact that we're suckers who have bought into a dream we couldn't afford to finance.
Solving the Puzzle of Credit Card Debts
Do you keep money in a savings account for emergencies? If you have credit card debts, you must rethink that plan, because in an emergency, the most important asset you have is good credit. So take that cash, if you have it, and pay off as much of those credit card debts as you're comfortable with paying at one time. The sooner you are free of your credit card debts, the sooner the money you make stays in your pocket. That's what real financial freedom is all about, don't you agree?
Last year Americans charged up more than $400 billion in credit card debts, according to RAM Research, a credit card tracker. That's not the worst of it. It's the interest we paid for that convenience. The $50 billion we paid in finance charges on credit card debts could have bought the inventory of 5,000 BMW dealerships. Or it could have paid the salaries of every player in the NBA for 500 years. Or bought all the golf courses in California.
Instead, the only beneficiaries of this gigantic pile of credit card debts were the top
executives at the lending institutions. (Take a moment right now for an experiment. Just remove your credit cards from your wallet and spread them across your compter desk or table. Now bow
to the marketing geniuses whose names are artfully hologrammed on the front.)
They've managed to peddle their services so effectively that they have more
than one billion credit cards in circulation. That's four credit cards for every man, woman, and child in the United States. That's scary, don't you think?
How do those financial wizards do it? Simple, they bank on the fact that the average everyday,
red-blooded, consuming adult isn't doing the math. After all, what kind of people in their right minds would pay 18% interest on everything they buy? To add insult to injury, lenders keep you on the hook by extending lines of credit, reducing minimum payment requirements, and inching up the interest rates. Credit card debts are like pounds of fat -- you don't even notice them adding up till suddenly, you have no pants to wear.
Let's assume that you're not average and that's why you're reading this article at this precise moment. You understand the golden rules of plastic use -- pay off your credit card debts every month, don't spend what you don't have, budget for the big items and emergencies.
Still, credit card debts happen. So we're going to pass on some solid tips that should help you get rid of those darn credit card debts and start sleepng through the night without the Debt Devils haunting your dreams.
This site is debticated to helping you regain your sanity and get rid of your credit card debts once and for all.
Ten Steps to Getting Rid of Credit Card Debts
Throw all the Bills in the Garbage (temporary fix only)
Pay More than the Minimum Payment
Move Your Balances to a Lower-Interest Credit Card
Cash Out Your Savings Account
Borrow Against Your Life Insurance
Get a Low-interest Loan From Family or Friends
Get a Home Equity Loan
Borrow From Your 401(K)
Renegotiate Terms with your Creditors
As a Last Resort, File Bankruptcy
If you are honestly committed to systematically eliminating your credit card debts, we recommend you start here by moving at least your highest interest credit card debts to one of these low interest credit cards.
Here's to your credit!
John Tobin
