Debt Management Tips : How to Get Out of Credit Card Debt

You’re looking at how to get out from under
your credit card debt. Well, there are several things that you can do to incorporate into
fighting back that credit card debt. First off, and this is a real easy one to say but
not as easy to do, you have to quit adding new credit card debt. And the number one thing
that you have to remember is, when you receive those advertisements for sales, or those enticements
for percentages off, and all the different tools that these credit card companies use,
and these store credit cards use to try to get you back out there and buying, those are
sometimes too tempting. You simply have to take those and throw them away, so that you
won’t be enticed into adding up more credit card debt to what you already have mounting.
Now secondly, you want to pay down, as fast as possible, the smallest balance credit cards.
Now I know this seems to go against the idea of always pay as much as you can to the higher
interest rate loans and credit cards, and, that is true. That’s very important, too.
We’ll discuss that in a moment. But if you can pay down your smallest credit card balances
to where you have them paid off, then you’ll actually have more cash to incorporate into
paying off those higher interest rate loans. Then, you’ll have more cash to pay towards
those higher interest rate credit cards, and pay them down even quicker. So, you need to
set a goal, and then you also need to consider transferring from your higher interest rate
credit cards to lower interest credit cards, as well. You can do this by, perhaps doing
a transfer out from one credit card to another, or sometimes you’ll even receive these little
checks in the mail that come along with your credit card statement. The one warning I’m
going to have here is, you need to make sure what is your interest rate going to be after
you do that transfer. Probably even better is to speak with your local bank, savings
and loan, or credit union and find out what type of credit card they have that you could
transfer your higher interest rate loans and credit cards to. And do remember, as you’re
paying down your credit card debt, you do not want to add additional debt. Do not open
new cards and keep only one major credit card to be able to use that for emergencies only.

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22 thoughts on “Debt Management Tips : How to Get Out of Credit Card Debt

  1. im 19 years old and i have 1100.00 of credit card debt, and i owe my school 1066….CAN YOU PLEASE HELP ME???

  2. Anther good reason to pay off the lower balance credit cards first is it will give you an incentive to keep going!!! You will see that you have paid one off and it is over!! Then you can add the money you were paying on that card to the others and just keep whittling them down until they are all paid off…God willing nothing else gets in the way.

  3. Great video! You spoke the words of truth in your first couple of sentences. While the banks were a huge part of the problem of the recession, the main problem that the people caused was paying for what they couldn't afford. This applies to credit cards and purchasing large houses that people couldn't afford. Check out the videos on my channel and please check out my website mentioned in the description of all my videos for any financial assistance.

  4. its difficult to control debt when institution like CITIBANK increase your credit card interest rate 5% with NO NOTIFICATION and they claim its an "across the board" increase.

    and transferring one card balance to another is subject to instant interest as its treated like a cash advance

  5. Bank of America, Chase, Citigroup, and Capital One, all too-big-to-fail institutions, all bailed out for billions in 2008, issue over two-thirds of the credit cards used in the U.S. While they each benefited from a bailout when misfortune or poor judgment befell THEM, none of their credit card holders can hope for the same.

  6. This is a good video, but, some of the things she mentions I have tried. I have $9,000.00 in credit card debt. I have just cancelled my Chase Freedom card on their proactive solutions program at 6% interest @ $60.00 a month for 60 months. The payment was $85.00 a month and I had to get that payment down. They were charging me 1% of a $3,000.00 balance plus 22.99% APR!
    This is a cash back card….have never had one like this. After the 6 month 0% interest was up they starting charging $54.97 a

  7. Con't…month, not including the minimum payment which brought the amount up to $85.00 a month! I called a local credit union and applied for their low interest credit card of 7.9% APR in hopes of transferring my Chase Freedom balance. They turned me down due to a credit report listing 5 reasons. I had all three credit bureaus send me my reports. My FICO score is 642, which is a pretty good score. According to the reports, it listed revolving balances too high, number of delinquent accts, & too

  8. Con't….many inquiries in the last 12 months!
    In addition, I have called my bank, which is Chase, and asked if I could get a personal loan to pay off this credit card at a lower amount. They don't do personal loans, I would have to go to another bank. So far, I have never missed a payment on any of my cards. I only wish I would have taken advantage of the 0% interest for 6 months that Chase offered, and transferred one of my lower balance, high interest credit cards during that period.

  9. In addition, I have called Green Path and have spoke with them as well. It took years to build my credit up on these cards and I don't want to file bankruptcy, but, I have tried all the options. I am on Social Security and have a limited income. I used three of these cards for emergencies and I am glad I had them at that time. I pay out $200.00 a month in credit cards after I pay my basic bills and have maybe $30.00 left to live on the rest of the month. I get paid on the 3rd of each month.

  10. @melthompsoniii. Chase inticed me with offering me the Chase Freedom Cash Back credit card and a $3,000.00 credit limit. Also, I got an offer from American Express Delta Skymiles Gold credit card with a $2,000.00 credit limit and points toward Skymiles. I took the bait for both cards. I really needed a couple of cards for emergencies and I had to use both cards for just that reason. An auto accident cost me $700.00 in October.

  11. @melthompsoniii Con't… I asked Chase Freedom to lower their APR of 22.99% to 12% APR and keep the card open so I could use the cash back feature to help bring the balance down. They refused, unless, I closed the account. I realized this was the only way. You have to charge to get the cash back and it would just get eaten up by the interest anyway. The only way to use this card and benefit is to pay off the entire balance you charge each month. Anyway, American Express Gold lowered their APR o

  12. Regarding balance transfers, you failed to mention the transfer fees. Some banks charge these. The credit card I tried to get from my local credit union @ 7.9% APR did not have a transfer fee. Be sure to ask if there is a fee before doing any balance transfer. In addition, I was able to get my American Express Skymiles Gold APR of 14.50% lowered to 13.50% and they offered to do it! If you talk to your creditors sometimes they will lower your APR rate after a certain period of time or automatica

  13. @ApplePromo. I'm definitely going to call the number you listed. It can't hurt to find out what they have to say! Thanks for sharing…

  14. You think your credit profile is bad , mine was terrible . A friend of mine introduced me to a Tech expert called Mary then I get in touch with her , To my surprise she fixed my credit profile within few weeks ,she helped me fixed my credit score to 810 excellent score and deleted all bad negative items on my credit profile within few weeks.She also helped me increase my credit card limit , I'll advise you to contact her for your credit repair on her private cell number 973-437-3663

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