In this economic climate reducing debt is good. Debt produces stress, uncertainty, and it is one of the reasons for divorce. Access to cash is and will always be best; some say, cash is King. In the next few weeks, I will talk about all different types of debt. First, I will focus on credit card debt because it is the worst debt a person can accumulate. As you are going through the process of getting out of debt; remember it took a long time to get into debt and it will take a conscious effort to get out of debt. Let's get out of debt together.
Step One- Determine how much debt you have. If you don't know how much debt you have then you will never be able to pay it off. Write down every credit card you have and the amount of each card's total debt. Keep a journal of your goals and accomplishments for paying off debt.
Step Two- If your credit card payments are current then call your credit card companies and ask for a lower interest rate. If your credit card payments are not current call these companies and make arrangements to pay an amount you can afford monthly and honor the agreement. Keep in mind, lowering the credit card's interest rate is the best option because reducing the interest rate automatically lowers the debt. learn more & add comments