Credit Card Debt-Is It Easy To Get Out Of It?
By Chandrasekaran Rajamani
Oct 25, 2010
The problem with credit card debt is that it is unsecured debt hence has higher interest rates(up to 36% per year) compared to secured debts. Normally credit cards are used for buying almost anything and if you do not pay the whole borrowed amount within the stipulated grace period(normally 25 days) after the credit card bill is issued , high rate of interest is charged. This keeps adding up due to the cumulative effect which over a period of time can get you into heavy debt. If you do not have control over your spending habits and if you are not regular in repayment of credit card bills, you may soon find yourself facing the problem of credit card debt. Due to the ease of use, credit cards have become a necessity rather than a luxury. Almost every one has at least one credit card and many have more than two.
If you find yourself in such a situation, do not lose heart . Stop blaming yourself for the situation you are in but concentrate on how to solve it. This problem can be overcome with firm determination and planning. The main thing is to have control on your spending. There are certain steps you must take if you want to get out of credit card debt. These are time tested tips which many have used successfully. You …show more content…
This way you can not spend more than what you have in your account. This is the most difficult step especially if you are addicted to shopping but is the most important step to your road to success. If you can achieve this you have almost won the battle against credit card debt. Take stock of the situation by calculating the total amount of credit card debt on all the credit cards you have. Once you arrive at this figure, you will know the real position you are in. When you do this calculation, do not forget to take into account the reward points earned on individual
By Chandrasekaran Rajamani
Oct 25, 2010
The problem with credit card debt is that it is unsecured debt hence has higher interest rates(up to 36% per year) compared to secured debts. Normally credit cards are used for buying almost anything and if you do not pay the whole borrowed amount within the stipulated grace period(normally 25 days) after the credit card bill is issued , high rate of interest is charged. This keeps adding up due to the cumulative effect which over a period of time can get you into heavy debt. If you do not have control over your spending habits and if you are not regular in repayment of credit card bills, you may soon find yourself facing the problem of credit card debt. Due to the ease of use, credit cards have become a necessity rather than a luxury. Almost every one has at least one credit card and many have more than two.
If you find yourself in such a situation, do not lose heart . Stop blaming yourself for the situation you are in but concentrate on how to solve it. This problem can be overcome with firm determination and planning. The main thing is to have control on your spending. There are certain steps you must take if you want to get out of credit card debt. These are time tested tips which many have used successfully. You …show more content…
This way you can not spend more than what you have in your account. This is the most difficult step especially if you are addicted to shopping but is the most important step to your road to success. If you can achieve this you have almost won the battle against credit card debt. Take stock of the situation by calculating the total amount of credit card debt on all the credit cards you have. Once you arrive at this figure, you will know the real position you are in. When you do this calculation, do not forget to take into account the reward points earned on individual