Persuasive Essay: Get Rid Off Credit Cards
In today's economy almost every household in the United States is struggling to pay off credit card debt. Do you feel like you are so deep in debt that you will never get out of it? Well, don't bring yourself down. It's not as hard as it seems. All you need is a little bit of dedication and knowledge.
Get Rid Of Your Cards
The first and biggest mistake most people make is that even after they realize they are drowned in debt they keep spending money. So you need to understand that it is very important that you do everything in your power to stop yourself from using those credit cards. Hide them, shred them, or give them to your partner or another family member.
Reduce Your Expenses
You have to learn how to separate your "needs" from your "wants" in order to pay off credit card debt. Every single spare penny that you have should go towards paying off your debt so if you don't NEED to buy something, don't. If you see a pair of shoes that you want but you don't need them, …show more content…
then just walk away. The more you reduce your personal expenses the more money you can invest towards getting rid of your debt.
Pay Above the Minimum Payment
Credit Card companies make profits with interest rates.
Approximately 90% of your monthly minimum payment goes towards interest rates. If you keep paying the same minimum payment amount, you may as well forget about getting rid of your debt. Therefore, you have to put every single penny that you can towards paying above the minimum payment. This will dramatically decrease the amount of time needed to pay off your credit card debt.
Negotiating With Creditors
Last but not least, this is another very important part in order to pay off credit card debt. You can decrease your payments and debt just by simply communicating with your credit card companies. Here are some tips you always need to keep in mind when talking to negotiators:
Be as calm as possible Speak loud and clear Don't be intimidated Don't settle for an offer you don't feel comfortable with Always remember that in the eyes of the law your living needs come before paying off your
debt
What is meant by the last bullet is that you shouldn't keep pay off credit card debt if it is affecting your living needs such as food supply, paying electricity, water or gas bill etc... Your basic needs come before anything else, especially if you have dependents.
Another very important factor you need to remember when negotiating is that if you settle a deal, always get everything in writing. Even if the deal is settled by phone, it is very important that you ask to receive a copy in the mail of your settlement deal. A documented copy will help avoid future problems in case the company decides to raise your interest rates or your debt amount.
Stay On Track
This may not be as important to some people but there are many others out there that will be helped by this method. Keeping everything neat, organized and staying on track with your payments and debt can help you pay off credit card debt a lot faster. Many people tend to deal with financial problems faster and easier if they have visual charts and amount reports.
Article Source: http://EzineArticles.com/4115040
Get Rid Of Your Cards
The first and biggest mistake most people make is that even after they realize they are drowned in debt they keep spending money. So you need to understand that it is very important that you do everything in your power to stop yourself from using those credit cards. Hide them, shred them, or give them to your partner or another family member.
Reduce Your Expenses
You have to learn how to separate your "needs" from your "wants" in order to pay off credit card debt. Every single spare penny that you have should go towards paying off your debt so if you don't NEED to buy something, don't. If you see a pair of shoes that you want but you don't need them, …show more content…
then just walk away. The more you reduce your personal expenses the more money you can invest towards getting rid of your debt.
Pay Above the Minimum Payment
Credit Card companies make profits with interest rates.
Approximately 90% of your monthly minimum payment goes towards interest rates. If you keep paying the same minimum payment amount, you may as well forget about getting rid of your debt. Therefore, you have to put every single penny that you can towards paying above the minimum payment. This will dramatically decrease the amount of time needed to pay off your credit card debt.
Negotiating With Creditors
Last but not least, this is another very important part in order to pay off credit card debt. You can decrease your payments and debt just by simply communicating with your credit card companies. Here are some tips you always need to keep in mind when talking to negotiators:
Be as calm as possible Speak loud and clear Don't be intimidated Don't settle for an offer you don't feel comfortable with Always remember that in the eyes of the law your living needs come before paying off your
debt
What is meant by the last bullet is that you shouldn't keep pay off credit card debt if it is affecting your living needs such as food supply, paying electricity, water or gas bill etc... Your basic needs come before anything else, especially if you have dependents.
Another very important factor you need to remember when negotiating is that if you settle a deal, always get everything in writing. Even if the deal is settled by phone, it is very important that you ask to receive a copy in the mail of your settlement deal. A documented copy will help avoid future problems in case the company decides to raise your interest rates or your debt amount.
Stay On Track
This may not be as important to some people but there are many others out there that will be helped by this method. Keeping everything neat, organized and staying on track with your payments and debt can help you pay off credit card debt a lot faster. Many people tend to deal with financial problems faster and easier if they have visual charts and amount reports.
Article Source: http://EzineArticles.com/4115040