Thursday, January 17, 2008

Eliminate Credit Card Debt – Get You Life Back!

If the mounting interest bills have started intimidating you, it´s time you eliminate credit card debt to live in peace. Today, due to the easy availability of credit cards and instant approval of consumer loans, many people end up borrowing more than 3-5 times their salary and subsequently realize that they have fallen into the worst trap ever!
Then starts the chain of harassing collection calls, gargantuan late payment charges and a steadily dropping credit score, which further worsens your situation by hiking the interest rates on subsequent loans and credit cards that you sign up for! That´s the time when you seriously need to seek help to legally eliminate your overdue amount from your balance sheets. There are various options to choose from which will assist you in becoming debt free.
Debt Consolidation
If you have a pile of fast accumulating bills and own enough equity in your home, you should consider going for a solution that can make your get rid of all your financial worries. These days, you will find several firms offering free services on the internet. These are meant for people just like you. These management companies consolidate all your outstanding dues into a single loan with just one creditor, who agrees to take on your entire loan, against home equity, at a lower rate of interest than what you are currently paying. You could even get an extension on the term of repayment. This means that now you have to make only one convenient and more affordable monthly payment whereas earlier you were making several monthly payments at different interest rates. This substantially helps you to reduce or even eliminate credit card debt.
Credit Counseling
Financial experts recommend credit card debt management counseling, because most people who use debt consolidation end up charging all their credit cards again and owe the bank, who funded their home equity loan further! So if you have a steady job, you should go for consumer credit counseling to eliminate your pending amount. These counseling agencies not only help you manage your finance in a better way, but also negotiate with your creditors to reduce their interest rates on your loan and bargain with them to give you an extended timeframe for repayment. So you have to make just one payment to your counseling agency every month, and they in turn disburse the amount among your various lenders on whatever terms they agreed upon.
In this manner, you don´t even need to go public by filing for bankruptcy. And if you religiously stick to making those small monthly payments to your credit counseling firm every month, then over a few years of time, you can manage to legally eliminate credit card debt totally from your account. Thus, you can get your credit rating back too.
Eliminate credit card debt to lead a more stress-free life. With an online credit card debt counseling service, you can legally eliminate credit card debt, that too at very nominal or practically nil costs! More relevant information can be found at best credit card debt consolidation.

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