Let me tell you a story I have often told. I came home one day to find out that my credit card had incurred a credt statement. I cannot describe my expression then, but astonished would have been putting it mildly. I was only eighteen years then, probably that will make it understandable my reaction to it. I had always thought that the credit card would allow me make as many withdrawals and charges on it as i liked! Boy, was i wrong! It took me quite a while before i came to my senses, and then i decided that i wanted to cover up the debt pretty fast. I decided to reduce the amount of money I was charging monthly, and then just make the minimum payment monthly. I reckoned that would be okay to cover my slip up. So I spent within $1000 $2000 monthly, and maintained the minimum monthly payment. However when I was to review, imagine my dismay when I discovered that I had only been paying a puny two dollars of the principal. the rest of the money went to paying the interest of the company! That was when the cold realization that I was in deep muck hit me. For pete s sake, I was neck deep in $10,000 debt!
here I was, in a whooping debt, and there was no escaping it. I was trying to scuttle out of it fast, but the creditors themselves were not helping matters, what with the way they fixed their interest rates!
This year, I came across a publication that said it was possible to have your credit card debts erased if it was above $10,000. Which, fortunately or unfortunately for me, it was. I then decided to get more information on this, so i logged on to the internet and after a couple of hours of surfing, I got the necessary information, and a couple of more information. i discovered that the average American family has a credit card debt of just over $9,000. I was appalled. Anyway, I go things together and had my lump debts cleared. now I can breathe a huge sigh of relief. However I have got a couple of friends who have the same debt problem but can t opt for cancellation because their debts are not up to $10,000. I then decided to come up with a way to help them in reducing their credit card debt.
here s the advice I gave my friends:
I told them to stop using their former cards and transfer funds from their cards to the card that used the least interest. After doing this, they then notified their creditors that they were making the transfer.
The next thing they did was to make their minimum payment on one card, then effect transfer of all their balances to the card that did not have interest charged within the next six months to a year. Previously, they were switching cards to pay the minimum payment on, and it brought their debts higher than necessary.
Now they are getting relief from their debts.
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