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If you want to learn how to fix credit, you are going to have to make some tough choices and some of your decisions will be deciding how to handle credit card debt.
Credit Card debt is the most destructive type of debt we have. First of all , it is very easy to apply and to receive approval for a credit card. Even high interest credit cards are available and this ability to rack up debt is a growing,insidious disease eating away at the family unit .
Another reason is because , this debt is consuming in that it is ever present . Minimum payments are a monthly companion for a life of slavery as you never seem to be able to pay down the balance.You can’t ask the question how to fix my credit without a plan for eliminating this unforgiving debt.
If people really understood how dangerous consumer debt is, this get out of jail card we carry in our pocketbook and flip out at whenever we want what we can’t afford, well, it should be outlawed.
Congress recently addressed the issue of gouging and although it is incredibly powerful, this idea of credit and paying it back for years , there are a few new laws governing the banks and lenders issuing these cards.
Have you looked at your credit card bill lately? Are you even outraged at the number of years it will take to pay off some of your ongoing card debt? Can you imagine paying for years for something that has long ago expended it’s life? That patio furniture that has long ago been replaced? Are you still making those payments ? How about those new appliances you needed? Does everything still work or have you moved on to another model?
Paying consistently for your credit card purchases is like throwing money down the toilet and if you are embarking on a campaign to increase my credit score, you must decide how to handle the debt that takes a huge portion of your paycheck each month. Here are some things you should consider .
1. Pay the debt in full . If you get some winnings or a gift or score a windfall from some long lost investment, now is your chance to give yourself one of the best gifts ever . Get out of debt .
2. Call the lender and ask that they reduce the interest charged on your account . Tell them the possibility is that your financial situation may prevent you from paying your obligations . If they refuse, ask to speak to a supervisor . Credit card companies do this all the time and why not for you?
3. Bankruptcy might be a consideration , but you need legal help to determine if your obligations to the credit card companies can be discharged. Some credit card debt is exempt, so don’t run out and make a big purchase thinking you may not have to pay for them.
4. In extreme cases you might consider a debt settlement or creditcard forgiveness. This is where you pay about 20 cents on the dollar for a settlement in full. You can do this yourself and it requires some thought and a plan . There are all sorts of strategies and time lines you need to pay attention to. Be aware that you will be held liable for paying the income tax due on the amount forgiven as the IRS considers this to be taxable income .
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