FinanceDogma – Finance, loans, creditcard and mortgages

April 19, 2010

Solve your financial problems

Filed under: Finance — Tags: , , — admin @ 11:09 am

Credit card debt can unsettle one and all if it is not managed properly. There are billions of credit card users across the globe and more often than not they fall prey to the credit burden in just about no time at all. Credit card debt along with other debt instruments can lead to financial problems. Most of the debt instruments are associated with high interest rates and lesser payment tenure periods. As a result liquidity is sucked off from their financial system and as a result credit burden piles up and reaches newer heights by the day.

Credit card debt burden can be solved in variety of ways. One of the most common ways of solving credit card debt relief is through credit card debt consolidation. It aims at consolidating all active credit and the debt should be paid off as a part of single EMI payment. Hence, payment delays and other hassles are avoided. One of the much appreciated aspects that encircle credit card debt consolidation is that the consolidated rate is competitive and friendlier payment terms are available at the disposal of the debtor.

Apart from credit card debt some of the possible avenues of credit burden include personal loans and other secured mortgage loans. These can white wash the liquidity from any financial system on the go. Credit card debt and other debt forms should be essentially eliminated from the system as these can have detrimental effects on the financial health of any debtor. Unchecked credit card debt can pile up with high interest rates. In all such situations help from credit counselors and debt consolidation companies can provide tailor made solutions depending on one’s risk and other parameters.

In quest to eliminate credit card debt one should engage reliable credit counselors and policy makers. They can offer best in class solutions which are tailor made as per the needs of the debtor. Hence scalable solutions can be attained in shorter span of time. (more…)

April 10, 2010

Is it possible to repay credit card debt all by yourself?

Filed under: Credit Card — Tags: , — admin @ 9:33 am

There is nothing wrong in using credit cards for making payments as long as you’re able to clear the outstanding balance every month. The problem arises when you cannot pay off the existing balance and accumulate debts on your cards. In such a situation, a credit card payment calculator can help you to compute how many months you require to repay a balance if you continue making a fixed payment every month.

Ways to repay credit card debt

It is not always necessary to take professional help in order to repay credit card debts. You can very well do it yourself. Go thorough the following lines to know how to repay your credit card debts without professional help.

* Snowball your payments

It is a method of paying off your highest credit card debt first and then move on to repay the next highest one and so on till you pay off all your credit card dues.

* Transfer high interest debt to a low interest card

With your creditors’ approval, you can transfer your high interest rate debt to a card with comparatively lower rate of interest. Thus, you can pay off your balances relatively fast. You can also get a zero interest or a low interest credit card if you don’t have one.

* Pay more than minimum monthly dues

You can take help of a credit card payment calculator to compute how long it will take if you continue making minimum payments on your credit cards. It is advisable that you increase your monthly payments as and when your financial condition permits you to do so. It will help you to repay your credit card balance quickly and you can save the money that you would have to pay as interest if you continue paying only the minimum monthly dues.

* Liquidate your savings accounts

You can liquidate some of your savings accounts to pay off your high interest credit card debts. Make sure you don’t liquidate all your savings accounts as you should have funds to overcome emergency situations.

One of the best ways to pay off outstanding credit card debts is to borrow the required amount from your family. It is a better alternative than taking out a loan from any lender. However, make sure you repay the borrowed amount as soon as possible.

February 23, 2010

Take Control of your Credit Card Debt

Filed under: Credit Card — Tags: , — admin @ 1:52 pm

Question: Is it so easy to eliminate credit card debt?

Answer: No it is certainly not easy, but it is possible, with the right approach almost anything is.

This is your current position.  You started off with a certain credit card; found that buying things that were once out of your reach became quite easy.  So buying is what you did, and boy was it a good feeling. The purchase didn’t cost that much and the monthly repayments were easily dealt with.  Then there was that certain something else; okay you can afford it, the money is there.  So you got that buzz back, it only made a slight difference to the monthly payment, so who cares.  And on it goes, little by little your credit is run down, the interest charges go up and soon you are at your limit.  But you still crave that spending power.  So you take another and you swear you will use this one wisely.  It is only a short matter of time before you are in the same boat once more, except now you have two cards and a debt that is becoming increasingly difficult to control.

STOP!!!!!

You are heading down a road which is difficult to return from.  Look at what you are doing and realise that this is pure self destruction and no good can come of it.

Pretty soon the bills will go unpaid and the charges will ultimately build up.  Now there is little respite because you have damaged your credit history with the late payments.  There is no way out.  The sound of the phone ringing brings fear, and you dare not go and see what letters have just fallen through the post box.

There is a way to avoid this. First of all you will need discipline and self control, but you can get control back.  Contact everyone you owe money to, explain the situation you are currently in and make an offer that is realistic and which will get them off your back.  If they feel you are not in the position to offer more, they will accept.  They want to see their money coming in and bankrupt clients can’t do this.

Once these offers are in place, you must adhere to them; they won’t like perceiving that you have given them the run-a-round.  Having acted in good faith, you must do the same.

Now this is one for the long haul:  You will not see the problems disappear overnight.  You will find a modicum of control back in your life so build on that. Seek to eliminate all those debts so you can be proud of that achievement.

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