Discovering Effective Payment Schedules

Discovering Effective Payment Schedules

Discovering Effective Payment Schedules
Tackling a​ way to​ eliminate credit card and​ other debt can be challenging enough, but dealing with high interest rates and​ late fees in​ addition​ makes it​ even more challenging to​ manage .​

One of​ the best ways to​ eliminate your​ credit card debt is​ to​ establish a​ weekly payment schedule .​
It's much easier to​ make weekly payments than monthly payments .​
Also, making weekly payments will cut the amount of​ overall interest, as​ credit cards charge interest by the hour.
Another good way to​ try and​ eliminate your​ debt is​ by seeking advice from the Consumer Counseling Center of​ America, a​ nonprofit organization​ that helps people in​ serious debt by referring them to​ credit counselors .​
Credit counselors will assess your​ debt and​ work with you​ to​ prepare a​ debt management plan .​
Next, the counselors will contact your​ creditors and​ try to​ negotiate lower interest rates and​ monthly payments .​
They will help you​ bring all past due bills current, stop creditor phone calls, and​ settle seriously overdue bills.
in​ order for​ any of​ things to​ work, you​ must exercise financial discipline .​
this​ means tightening up on​ overall spending and​ living expenses to​ free up extra money for​ paying off bills, and​ even reducing or​ stopping your​ credit card purchases .​
this​ is​ the only way your​ credit counseling can work: taking action​ .​
So you​ may want to​ cancel all of​ your​ credit cards except for​ one, which should only be used for​ emergencies .​
this​ card should have a​ low credit limit and​ interest rate .​
Another good idea is​ to​ transfer all of​ your​ credit card balances to​ the company with the lowest interest rate.
One not of​ caution: Be careful of​ credit counseling agencies that offer to​ eliminate debt for​ a​ small fee .​
Hundreds of​ people have been duped by such illegitimate companies .​
So to​ be on​ the safe side, do a​ background check before you​ sign on​ with an​ agency.

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