How To Get Out Of Credit Card Debt Much Faster & Save Lots Of Money Without Filing For Bankruptcy!

The most important lesson I learned about getting out of debt is that you’ll NEVER get out of debt playing by the rules of your creditors. No matter what they say, they really don’t want you to get out of debt.

After all, the longer it takes you to pay off your debt, the more money they’ll make.

So trust me, youll NEVER get out of debt by just making minimum payments. Or by paying ridiculously high interest rates…or by paying late fees, overlimit fees, or any other fees charged by your creditors.

How You Can Get Out Of Debt Faster, Too

So, how do you pay off your credit card bills…especially when money is REAL tight?

Work out an agreement with your creditors to pay off your credit card bills at a reduced amount. You’ll be able to pay off your bills more quickly, and the credit card companies will get their money faster.

This process is called debt negotiation, or debt settlement.

Most people don’t know this type of debt reduction is even an option – which is exactly what the creditors want you to think. (You’ll also learn other strategies to help you get out of debt faster.)

But believe me, debt negotiation really does work.

Find Out If Debt Negotiation Is Right For You

Debt negotiation is a more aggressive approach to getting out of debt (usually, you must be behind on your payments to get the creditors to agree to a settlement), and is not necessarily right for everyone.

So make sure to ask lots of questions. And compare different programs. Then decide if it is right for you.

My only regret is that I did not find out about this option until I had already paid my credit card companies thousands of dollars in interest!

The most important point to remember is that youll NEVER get out of debt playing by the creditors rules.

So take a few minutes to find out how you can pay off your credit card bills faster, and save yourself LOTS OF MONEY at the same time.

If you’re looking for a more traditional way to get out of debt, then debt consolidation may be the answer for you. You might not get out of debt as fast, but you still may be able to lower your interest rates and save yourself a bunch of money!

Why are we in debt? Why is a majority of all people living with debt beyond their means? We all have debt, this seems to be the nature of life, but why is it that our debt at least equals or exceeds what we can afford?

It is really quite simple. This is what the credit card companies allow, this is what they want and this is how they make it rich. The worst part is that they love for us to fall behind.

Everybody likes to get paid on time, but your creditors actually prefer the opposite. They want you to be late!

Now granted they dont want you to be too late or to default, but a week or two is just great. Lets just think what a late payment means to them. You are still paying, but you are a week or two late. Their late fee is $30. They just made $30 for doing nothing. You are already maxed out, so this fee puts you over your credit limit. This earns them another $30 for, again, doing nothing.

You can now make your minimum payment of $20. The math does not work in your favor. Lets just say that you have $15 in interest for the month. Your total costs are; $15 in interest + $30 late fee + $30 over limit fee = $75 charged to your account. You pay $20, which leaves you $55 worse than when you started and you have nothing to show for it.

This is why credit cards are evil and we must learn to do without them!

The first step in this process is to gather up all of your credit cards and destroy them. You can save one or two, but get rid of the rest. Just pick the ones with the lowest interest rates and preferably no annual fee. Store your select few in a safe place that is not easily accessible.

This may seem extreme, but most people do not have the will power to simply not use the card. They look at their statement, see $50 or $100 dollars in available credit and look at it as free money. There is no such thing.

If you cant bring yourself to cutting up your cards, at least gather them all up and store them somewhere that would take some effort to get to. A safe deposit box is always a good idea. You can also have someone that you trust hold on to them or hide them.

The key is to not have them accessible for those impulse purchases that we come across every day. Once we pass the moment, chances are that we will realize that we dont need to make that purchase or probably forgot about it all together. We are now even closer to getting out of debt.

Dont forget to cancel the cards that you are no longer going to use. Most credit cards have an annual fee, anywhere from $30 to $100. This is wasted money that you can use to apply towards the balance.

Some cards may charge you a closed account fee to persuade you to stay with them. At this time you need to analyze the impact. I recently cancelled a card that is charging me $3.50 a month in closed account fees. My annual fee is $59. 12 months at $3.50 is $42. I am still ahead of the game by $17, or more, if I pay it off within a year. The most important part is that there is no way that I can use that card again and worsen my situation.

Now that the temptation is out of the way you can start paying them off. Just remember to pay at least the minimum, pay all accounts on time, and stop using credit. Now step back and enjoy the road to financial freedom.