Credit Card Debt Relief Guide

Now large sum of money, making timely and untimely payments anytime and anywhere, purchasing items online, making hotel reservations, borrowing money from organizations etc. is not a matter of much concern. With the advent of plastic money or credit card, money related issues have simplified to a great extent. Credit card has come up as an incredibly beneficial financial tool.

Though credit cards come with a plethora of advantages there are quite a few disadvantages too. If the credit card is not use judiciously, it can land you into serious problems. For behind the plastic money is the real money and the real debt. So there are several crucial points that you must bear in mind prior to purchasing a credit card and running into debt via it.

• Before applying for a credit card, make it a point to discuss your financial needs and situations with your financial advisor.

• If he permits you to take a credit card, then make sure that make sure that you use it wisely. For taking a credit card is akin to taking a loan. You have to pay what you owe.

• Once you start using your credit card, always check your exact balance before you move out of your house. The little purchases also add up in the expense.

• Once you have gone through your credit card slips, don't throw them away. Always keep your credit card receipts and compare them with your monthly bill. If you find any discrepancies, report your credit card company instantly.

• The best way to avoid running into debt is never to owe more than you can repay. This can damage your credit and credit ratings, annoy your creditors and therefore obstruct your approval for any further loan you seek to take such as car loan, mortgage insurance etc.

• Make sure that you pay your bills on time. For not doing this will burden you with heavy interest rates, thereby making it all the more difficult for you to pay the amount. Also try to pay your complete bill. Do not involve yourself in making partial payments.

• Moreover don't make the mistake of paying the bill of one credit card with another. This will lead you in a vicious circle from where it will be very difficult for you to come out.

However if at some point of time you find yourself running into credit card debt, the foremost thing that you must do is to stop further usage of the card. Though it is very difficult to do so and can badly affect your credit ratings but it is better to stop as soon as possible.

Secondly you should plan out a budget of your monthly expenses. Since you are running short of money try to minimize the expenditure as much as possible and also try to adhere to the budget. This might not help you save money or repay your debt but will surely not let your debt increase in any way. As a rule your non-mortgage debt payments should not be more than 15 percent of your pay per month.
Tip! However, if you are overwhelmed by the number of payments you need to make, you feel that you won't be able to remember everything and you might miss payments or pay late, if you still can't make ends meet without depriving yourself from certain things you want, you can combine both alternatives to get better results in your debt relief crusade.

Mansi recommends that you visit Credit Card Debt Relief for more information.

Consolidate Debt for Financial Relief

Buried beneath bills? Overwhelmed by debt? If you've been making late payments lately--or missing them entirely--chances are you need some financial relief. Debt consolidation can help you get back on track by compiling all your debts into one monthly payment. Debt consolidation choices include paying bills with a Home Equity loan (or other loan), transferring all your balances to a single low-interest credit card, or signing up with a Debt Consolidation Company. But can it really help? Here are some of the advantages:

Lower interest rates:

Choose the right type of debt consolidation and chances are your overall interest rates will be lower. Home Equity Loans, for example, have significantly lower rates than most credit cards. If you transfer your debt to one single credit card, you can get a super low rate by taking advantage of "teaser" offers, such as zero percent interest for the first six months. Even Debt Consolidation Companies can help lower your rate by negotiating on your behalf with your creditors.

Less paperwork:

If you have 6 or 8 accounts right now, and you consolidate them all into one account, you'll only have one debt payment to make each month! For folks that have a hard time organizing paperwork or keeping track of payment due dates, this can help ease the financial burden. Fewer bills coming to your mailbox means less stress and fewer headaches.

Fewer fees:

Some credit cards charge fees for everything--late payments, regular annual fees, over-the-limit fees. Who wants to pay all those extra charges? By consolidating your debt into one account, you won't be nickel-and-dimed with fees by all those other accounts. Since you only have one debt to worry about, you'll have fewer "additional" charges of which you should be cautious.
Tip! Superior Debt Relief is the only debt settlement company that pays for three levels of credit restoration afterwards to bring the FICO up even higher.

Debt consolidation offers anyone the chance to relieve their financial burden in terms of cost, stress and time. In most cases you'll save money, have fewer headaches and gain extra hours in your month since you no longer have to waste time organizing multiple bills.

Go to http://www.debtsanity.com for more information on obtaining financial relief through Debt Consolidation.