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The World is in debt.  Almost all people and organizations are carrying debt to survive, including the Governments of all of our Nations.  This is just a fact of life and this is the way that we were raised.  You must acquire debt to survive; there is no other way.

This is entirely not true.  In fact if we chose to save for the things that we really want, we would be able to afford a lot more than we already have.

Just think about it for a minute.  Without debt, we would only have to pay our “bills”.  Rent or Mortgage (Debt, but necessary), Utilities and Insurance.  Imagine all of the money that you would have at the end of the month.  No credit card payments, no car payment, no personal loans.  Now you can afford some of the luxuries that you used to pay for month after month on credit and it won’t cost you three times the cost of the purchase as with credit.

Okay, this sounds great in theory, but it is a little late.  Boy, if only you had told me this when I was 18 (like I would really have listened).  I am in debt up to eyeballs and there is no way out.  This is the way that it is supposed to be.  This is the only way that it can be.

Rubbish!

This is the exact reason that everyone stays in debt and why the credit card companies are making fortunes.  You can get yourself out of debt and take back control of your life.  Of course it will take desire, will power, and perseverance.  Most importantly you have to take the first step.

The key to getting out of debt is really quite simple; organization.
You cannot help yourself get out of any situation without first realizing what exactly you are into.  This indeed is the first step.

Most people go on day-to-day paying their bills as if it is just a part of life.  They get the bill, pay the minimum or a little over and wait for the next one.  This is a vicious cycle and it has no end.  As long as you keep doing this, is as long as you will stay in debt and stay at the mercy of your creditors.

You first need to gather all of your most recent statements.  Write down or input (I use Excel for this) all of your creditors.  At this point I would even put in your mortgage holder to give you the whole picture.  Find out your current balance for each and input that.  Now input your minimum payment for each one.  At this point I would not even worry about interest rates.

You now have the whole picture.  Sorry, I didn’t mean to scare you.  Now you know what you are up against and you can make a plan.  Just remember, try not to take on additional debt.

You are now ready to take control of you financial life.  Say goodbye to debt, say hello to life!

Are you one of many Americans who find it hard to clear your credit card minimum every month?  If you are, you are most probably in credit card debts.

For your information, credit card debt is one of the most difficult types of debt to clear. Reasons being, credit card companies charge very high interest rate and of course always slap you with a high late payment or penalty fees whenever you cannot make your payment.

To get out of this mess, you will need to consolidate your credit card debts either yourself or with the help of an external agency.

1.Consolidate your debt yourself.
It’s neither easy nor too difficult to consolidate your own credit card debts. Almost every credit card company has their in house debt consolidation department to help their clients consolidate their credit card bills. What you need to do is to call them, and tell them your situation truthfully.

The chances of consolidating your debts successfully depend on how you put forward your situation to your creditors. How your creditors access your current financial health also play a part. Before you start to call your creditors, it might be wise to check out for more tips and guide on how to negotiate with your creditors online.

2.Engage the service of debt consolidation companies and programs.
There are many free government programs to help people consolidate their debts, but these free services often require that you chalk up a certain amount of debts before they help and you must also meet their requirements.

The last option would be to engage the service of debt consolidation companies. By charging you a fee, debt consolidation companies will negotiate with your creditors for lower interest, better repayment method and lastly help you devise a financial plan to help clear your debts in a systematic way.

No matter what options you take to consolidate your debt, do it early and you will get a live a debt-free life again.

1.Credit card companies can change almost all of the terms of the credit card by giving just 15 days notice.

We get used to credit card companies adjusting their lending rate by 14% as interest rates fluctuate but did you know they can alter any of the terms for any reason. For example they can increase the late payment fee and they can increase the interest rate without the need to justify it. If you are late or miss just one payment the low rate you are currently being charged can double or even treble almost overnight.

2.Credit card companies can increase the cost of a purchase months after you bought it.

If you purchased a widescreen plasma TV 3 months ago, using a card which at the time was costing 9.9% apr, and you are late with just one payment, the credit card company can charge you a late payment fee, say £40, and increase the interest rate to 29.9% apr, or even more, and there is nothing you can do about it.

They can, in effect, increase the cost of your TV months, or possibly even years after you purchased it. The TV retailer wouldn’t be allowed to do this but your credit card company can.

3.Discount offers are only good if you keep up all your payments.

Interest free balance transfers and initial periods can dissapear for any minor omission. Failure to keep to all the terms of a card will result in special terms being withdrawn and possible penalty interest being applied. If you have interest free purchases and balance transfers make sure you keep up the payments.

4.It’s not just your card payments you have to keep up.

If you miss a payment on your mortgage, or your car or any other financial payment, your credit card companies can re-assess your credit score and increase your interest rate accordingly.

If you therefore miss a loan payment on your boat or car, but still pay the payments due on your cards, you can find that your credit card interest charges jump to 2 or 3 times the original rate.

5.Credit card companies are today making record profits from you.

If you don’t pay your cards in full each month credit card companies make the majority of their profits from you and a substantial portion of that is in the additional charges they levy.

It makes little or no sense to keep money in the bank earning 5% maximum and pay 29.9% or 19.9% or even 9.9% on your cards. Pay off the card and use the card for emergencies rather than the savings. Without the card payments you will be able to rapidly replace the savings.

Without your knowing credit card companies can hold you hostage at the very time you may really need financial assistance. Don’t allow credit card companies the continuing opportunity to make record profits at your expense, and at the same time the opportunity to benefit from any misfortune.

If you can pay the balance off withing 3 to 6 months do so otherwise consider some form of consolidation loan to remove the noose credit card companies have around your neck.