Those Credit Card Offers Just Keep Coming

Would you like to get out of debt for good? Do you even realize that it is possible to? Do you have any idea how to do it? Well, the first thing that you need to avoid are credit cards. I’m not necessarily talking about major credit cards like Visa, Mastercard, AMX, Discover, etc. I’m talking about credit that you’d get at a department store, gas cards and things of that nature. I’m not saying that having ONE major credit card in case of an emergency is a bad thing, but don’t use it for anything other than that.

If you are not in a position to pay off the debt then your final option is to file for bankruptcy. In this kind of debt relief, the debtor will not have to pay any debt. This may sound very easy but it can be very painful in the long run. Choosing this option will disqualify you from acquiring any loan for a period of 10 years.

Another debt solution may be to see if you can arrange a loan against an investment such as stock or your 401K. I don’t think this is the best method. But it is important to come up with a solution to the reduce credit card debt. If your earning 5 or 6 percent on your retirement account, but paying 12 of 16 percent or more on your credit cards it just doesn’t make any sense not to pay them off.

Let’s do the same example with a boat. I had this discussion with a friend of a friend not long ago and after we were finished he was ready to sell his. Let’s just use the same example as we did above. Ten grand at twelve percent. Well, in this case you’re not even using the thing that often. I asked this guy how often he actually used it the previous summer and he said “twice”. He said he’d like to use it more often, but he just didn’t have the time to do it as often as he’d like to. He also said that it was kind of a headache to tow it all the way out to the lake just for one day.

I solved the problem easily by going to my credit union and opening a second checking account. This account has a debit card with a credit card logo on it. It can be used as a debit card or as a credit card. I simply make the payments to that account that I was making to a credit card company. And who gets the interest on the account? ME. I manage the account, track the purchases, everything.

Just trying to keep up with the Joneses is putting you further and further into debt! If you only make twenty thousand dollars a year, you can’t keep up with your neighbor who makes eighty thousand dollars a year. It is just not possible, so stop wasting your money! Don’t buy that portable DVD player when your electric bill is due. Pay your electric bill and save the money for the DVD player if you really want it, but stop spending money you don’t have.

Therefore the creditors are aiming at recovering as much money as possible fro the debtors. The creditors offer to waive the 50 percent of amount if the remaining amount is paid in one lump sum to them. This is one of the best solutions when your debt is massive and beyond your control. The only negative impact of a debt settlement is that it gets entered in your Credit report where a mention is made that you did not pay the debt in full. Thus settlements are some of the finest instruments of debt relief. Apply for a debt settlement today.

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Those Credit Card Offers Just Keep Coming

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