In recent years, the amount of credit card debt being carried by Americans has reached hundreds of billions of dollars, with interest payments each year that would sink the economies of many small nations. But you can eliminate your credit card debt forever, even if everyone around is stuck in an endless cycle of debt slavery. How? Read on, dear internet friend.
STEP 1: CONSOLIDATE YOUR DEBT.If you have any more than one credit card with a debt due to be repaid, then youre a candidate for credit card debt consolidation. The minimum monthly payment each month includes many variable, including the interest rate, the minimum monthly base (usually around $25 per month of a few percent of the debt, whatever is higher), and any fees youve been charged through the month for things such as using an ATM, writing a check on your card, or, if you deal with companies like MBNA, breathing. To consolidate that debt, simply go to your bank and ask them about a debt consolidation loan. The interest rate will be far lower than the 9% to 29% that credit card companies can charge, and the repayment schedule will be far clearer of the hidden extras (such as insurance) that credit card...
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