How to Get Out of Debt

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Plastic Money Did you know Americans reliance on plastic money-- bank credit cards, charge cards, department store and gasoline company cards, debit cards and ATM cards -- is at an all-time high. The average credit-card holder in this country has ten cards, and the average family owes over $7,500? Although these cards can be convenient, they can be dangerous too. Overspending, the high cost of carrying a balance, and lost or stolen cards create financial trouble for many. Now, did you know that it’s easier than you think to solve your credit card problems but it takes a little planning and a whole lot of discipline on your part?

Today I will be discussing “How to Get Out of Debt. I will talk about steps you can take toward getting out of debt and different agencies that will be able to assist you in resolving your credit debts.

The first step is to; Resolve to spend less than you make Get into a habit of spending less than you make. Realize once and for all that if you cant pay for it today then you cant afford it.

Next, Distinguish between Bad Debt and OK Debt OK Debts have an interest rate under 10% -- something with some tax advantages. In the best case, something you bought with borrowed funds that will appreciate in value. Home mortgages and student loans are good examples of OK debts. Automobile loans are considered on the borderline They often satisfy the low-rate piece, but automobiles almost never appreciate in value. Bad Debts are everything else -- from your Goal credit card, to your Military Star card (DPP), to the 0% loan from National Quick Cash.




Next step is, pick a winner. Pick the one major credit card that features the lowest annual interest rate. Stop charging. Cut up your other cards, including all department store cards, into lots and lots of little pieces. Use the one card you have left for emergencies only.

Now you want to gather the latest bills from all bad debt accounts.

Line them up on the kitchen table. Find the minimum monthly payment for each account and then add these up to get an overall monthly minimum sum. Make a pledge to pay this overall minimum plus a sizeable additional amount every month -- enough to make a solid dent in the outstanding balance of at least one of your accounts. If this is not feasible for you, you might have to make a drastic move to increase your income or lower your expenses. Maybe get a second job or tighten your budget further.

Next you want to pick the highest interest rate account and attack it! This is known as lather, rinse, repeat. Order the latest bills according to annual interest rate charged. Apply the sizeable additional amount (we mention earlier) to the highest rate account(s). Repeat monthly until the last Bad Debt account is paid in full. It’s sort of like a pyramid. As you pay off one account, you take that money and apply it to the next and so forth.

Ask for a lower rate. Grab a bill from any account charging you more than 14% interest. Dial the toll-free number on the bill and ask to have your rate lowered to 11%. Tell them that youd really like to stay with them out of customer loyalty (use your acting skills), but that you have received offers for much-lower-rate cards. Expect to be made very uncomfortable, but stand firm and remember that, to them, you are both a customer and a profit center. You also stand to save a bundle. Call them a couple of times a week. Become a telemarketer to the company. The more calls you make, the more persuasive youll get. Ask to speak to their supervisor if they are unable to help you.

Be prudent. Be aggressive in paying down Bad Debt, but dont get so ambitious that you risk missing minimum payments on your mortgage, automobile, or any other secured credit account. (Secured means that if you miss enough payments, the bank can show up and take your stuff.)

Spend time online. Pick the brains of some of the companies that advertise their help. Some have online seminars and even discussion board where youll find plenty of emotional support and great ideas.

Finally, Dance, Celebrate, Scream and Shout! It’s a good feeling when youre done and the Bad Debt is 100% exorcised and you can make remaining OK Debt payments with ease, thus leaving plenty of budget room for savings.

Now, if you feel you can’t get to this point alone, never fear, there are agencies out there that offer their help and are legitimate. A couple of agencies to mention are; The Consumer Credit Counseling Service (CCCS), a non-profit agency offering ways to get out of debt and use credit wisely. The National Foundation for Credit Counseling (NFCC) Inc. Through its Member agencies, set the national standard for quality credit counseling, debt reduction services and education for financial wellness. It is the nation’s largest and longest serving national nonprofit credit counseling network. And for those of us in the Arms Services, we have the Air Force Aid Society and the family support center amongst others.

When you look at the options available to you, getting out of debt can be accomplished. No one said it would be easy. Anybody who says otherwise is probably just after your money. It all boils down to spending less money than you make, on a consistent long-term basis. Today I’ve discussed “How to Get out of Debt”. I talked about steps you could take and I mention a few agencies that will be able to assist you in resolving your credit debts.

Now Picture yourself debt-free -- no more bouts of anxiety over mounting credit card balances, less stress, and no more dreaded phone calls from that bill collector or collection agencies. You can do it!



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