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The 411 on Credit Card Debt Elimination
The 411 on Credit Card Debt Elimination
Millions of people feel trapped by their credit card debts, so I've put together ten powerful credit card debt reduction techniques for you to consider.
Los Angelis,
CA,
United States of America
(prbd.net)
10/04/2010
Millions of people feel trapped by their credit card debts, so I've put together ten powerful credit card debt reduction techniques for you to consider, from self-help tips to professional debt help.
www.federaldebtreliefprogram.com
1) Never Pay Only The Minimum
Most credit card companies require that you repay a minimum amount each month, normally "5% of the outstanding amount or $10" whichever is the lowest. But that's one of the biggest financial mistakes that anyone can make.
If you owe $1000 on a credit card and make the minimum monthly repayment, it could take you more than 20 years to repay that debt. And in the process, it would cost you more than $3000. That's three times that amount that you originally borrowed!
2) Consider Debt Reduction
Unlike debt consolidation, which negotiates a lower rate of interest over a longer period of time, debt negotiation involves negotiating to reduce the overall amount of your debt with your lenders.
The basic idea is simple, you select a agent to deal with your lenders. They contact your creditors and make an offer of reduced payment on your behalf. In many cases, the lender will accept the reduced amount if there is little prospect of them receiving the debt in full.
To learn more about credit card debt elimination and how to get started, please visit Federal Debt Relief Program at:
www.federaldebtreliefprogram.com