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Ten tough questions to ask to see if you are ready to make the commitment to getting out of credit card debt once and for all.
Has your credit card debt problem become unmanageable? You are not alone! According to a 2008 CreditCards.com survey, more than half of Americans pay their credit card bills late when finances are tight. This can easily lead to credit card debt spiraling out of control. Over time, credit card debt silently overtakes your daily life, your relationships, and even your living conditions let alone the long-term effects it may have on your credit. But getting out of credit card debt takes hard work and a long-term commitment. Ask yourself these ten tough questions to see if you're finally ready to get help with credit card debt:
1. Am I fed up with the daily hassles of being in credit card debt?
If creditors are constantly calling and you're avoiding the phone or have cancelled it altogether, you can find relief in a legitimate credit card debt relief plan which can help stop creditors from calling as long as you stick to your new plan.
2. Can I afford not to get help with my credit card debt?
If you are constantly making payment arrangements, living from paycheck to paycheck, or on a constant routine of payday advances, your debt-to-income ratio is too high. Getting help paying credit card debt can relieve that financial pressure by introducing a realistic payment plan which takes into account all your expenses including paying off credit card debt.
3. Are my credit card debts ruining my relationships?
If you lie to family members about your payments and what you owe or have constant daily arguments about money, especially on payday, your family relationships are in jeopardy. Getting help with your credit card debt can alleviate these stressors by initiating a workable, realistic budget. Your family can become involved in earning additional income, budgeting, and learning how to avoid and eliminate credit card debt, too. Completing your program successfully can even bring you closer together.
4. Am I worried about my future because of my credit card debt now?
If you are under stress that you are not saving for your family's future, that you have no emergency cushion, or that you are setting a poor financial example for your family, getting credit card debt help can reverse that damage. Debt counselors evaluate your income and budget and put you on the right path to managing your money now for a more secure future.
5. Has my standard of living decreased because of my credit card debt?
We're not talking about reducing excessive shopping - we're talking about giving up kids' activities, delaying important utility bills to the point of disconnection, or ignoring or delaying necessary repairs to your house or car because of your credit card debt expenses. A credit card debt help plan, with your new budget and reasonable monthly payment, will improve your standard of living almost immediately.
6. Am I having emotional problems because I need help with credit card debt?
You may feel nervous, anxious, angry, and resentful with the never-ending cycle of payments and daily demands for money you don't have. But once you get help with credit card debt, you will be relieved at being able to afford your monthly payments and that your creditors support your plan for paying them off. You will feel empowered once you start to see balances go down quickly as you continue to make your monthly payment.
7. Am I willing to make a commitment to getting out of credit card debt?
Among those seeking help with credit card debt, average household credit debt balances tip $15,000 with six creditors each. Credit card debt help doesn't happen overnight and successfully completing a credit card debt help plan takes an average of five years for balances higher than $7,000. You'll need to work hard, adhere to timely monthly payments, and forgo extra shopping and entertainment. It is also highly recommended that you stop using credit cards during the entire duration of being on your plan.
8. Do I have the support of my family to get out of credit card debt?
If your spouse and family continue to spend or refuse to help in any way to increase income to get out of credit card debt, your success will be hampered significantly. Every member of your family needs to support you in sticking to the new household budget, increasing income if possible and making timely payments. Family meetings to discuss these changes can help ease the transition.
9. Am I so desperate for credit card debt help that I am considering bankruptcy?
There are a variety of alternative credit card debt help plans that can help you avoid bankruptcy. Look for a legitimate company with experience, which offers multiple solutions and no upfront fees before they objectively evaluate your budget, income, and credit card debt situation.
10. Am I willing to finally admit I need help with credit card debt?
Debt can spiral out of control, especially if you ignore it and keep spending. Don't let embarrassment or pride stop you from getting help. Legitimate credit card debt relief companies will assist you to better budget your money and will work with creditors to reduce or settle your debt.
Did you answer "yes" to any of these questions? Take a step in the right direction by looking into your options. This will allow you to make the best decision based on your specific circumstances and start you on the path to getting the help you need with credit card debt.
For some people, understanding how to negotiate credit card debt may be a great first step for getting their finances back in order. You’ll have to contact your credit card company and know who to approach, what terms to ask for, and where to go if you need more help.
If you're like most American consumers, you've seen the ads touting the benefits of consolidating your credit card debt with a balance transfer offer or a personal or home equity loan. Before the most recent economic recession, you couldn't open your mailbox without finding numerous offers per week to consolidate your credit card debt through 0% balance transfers and other plans. And while lending criteria has become much tighter since 2009, the offers are still available, even for those with blemished credit histories and large credit card balances.
Credit card consolidation may be an effective debt-relief option for many consumers. Read about options available to consolidate your credit card debt.
When it’s so easy to whip out a credit card every time you want to buy something, it’s no wonder so many Americans are in debt. In fact, according to Creditcards.com, the average credit card debt per household with credit card debt is approximately $15,000. Add in high interest rates on owed balances of around 14%, and consumers often find themselves struggling just to make minimum monthly payments, let alone pay down any principal.
Consumers seeking credit card debt solutions have various options, from balance transfers and debt consolidation loans, to professional help from a debt relief company if the problem feels too overwhelming to overcome on their own.
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