If you're drowning in credit card debt, you have a lot of company.
More and more people are struggling with thousands of dollars in credit card debt, made worse daily by sky high credit card interest payments.
They struggle just to pay each month's minimum balance.
However, this just makes things worse.
When you combine high credit card debt with high credit card interest payments plus minimum payments each month guess what you get?That's right!More debt!Your debt will just keep increasing if this is the formula you've been following and you'll never escape the mountain of credit card debt that is invading all aspects of your life, keeping you struggling and stressed out twenty four hours a day.
But there are solutions.
Debt consolidation can help you get out from under all that credit card debt.
But be very aware, there are no magical solutions.
It will take time and effort to consolidate your debts and pay them down until you are debt free.
If you're like most people, you get tons of credit card offers in the mail, almost daily.
Most of these will be for very low interst rates, usually for an introductory period of six months or so.
Most encourage you to transfer balances from your current credit cards.
If you can do this, this can be a great option for debt consolidation.
Transfer your other card balances to the new card and cancel those other credit cards! With the lower intersest rates on the consolidated debt, you should be able to make payments larger than the minimum monthly payments.
The bigger you can make your monthly payments, the quicker you'll pay down the debt, and the less money you'll end up paying in the long run.
It's better to make smaller financial sacrifices now than much bigger one's in the future.
Once the introductory low interest rate is up, you can either negotiate with that card to keep a lower interest rate, or switch again to another card with a low introductory rate.
Most credit card companies will give you a lower rate in order to keep your business.
Just ask! Debt Consolidation Through A Home Equity Loan If you have the equity in your home, this is a fantastic way to approach debt consolidation, lower your monthly payments, pay off your credit cards and get out of debt.
You can get a much lower interest rate with a home equity loan than with what you are paying on your credit cards.
Once approved, take the money from the home equity loan and pay off your credit cards.
There are two things to keep in mind here.
Do not use the home equity money for anything but paying off your credit card debt.
And do not put balances back on the credit cards!If you don't think you can do this, cancel the cards! While there are many other options for debt consolidation, including using debt counseling companies, these are two good, straightforward ways to start the climb out of debt