Credit Card Info Hub

Credit and Debt Relief: Many people are looking for Credit and Debt Relief in these hard financial times.  A large credit card balance or loan hanging over your head is certainly added stress when your worried if you’ll have a job or not in the near future.  So how can you get credit and debt relief?  The first thing you need to do is assess your situation.  Set some time aside to sit down with your spouse or yourself and layout all your monthly payments and financial situation.  It may sound silly to have a sit-down but it goes a long way in focusing your efforts and tackling your loans, credit and debt situation.

Getting Credit and Debt Relief:

• Step 1: Write down every single payment you make on a monthly basis and add up the total.  This would include, mortgage/rent, home equity loan, car payment, student loans, internet access, cable, phone, electric bill, gas bill, insurance, credit card payments, etc.
• Step 2: Write down estimates (or actuals if you can) on variable costs. Costs that change from month to month: groceries, going out to eat, shopping, gas, haircut, nails, beer/wine, cigarettes,etc.
• Step 3: now that you have all your costs laid out in front of you, review what is necessary and what isn’t by asking yourself some questions: Do you need the premier movie channels included on your cable bill?  Can you save on your grocery bill by buying generic brands instead of name brands and keeping an eye out on sales and coupons? Can you cut down on going out to eat? Do you need a home phone and a cell phone?  Individually these cuts may seem like small savings but once you add them up, it will go a long way in helping you get some credit and debt relief.  The bottom line is: IF YOU DON’T CHANGE YOUR SPENDING HABITS, YOU WILL NEVER GET CREDIT AND DEBT RELIEF.
• Step 4: Call your credit card company and cable company and speak to someone about your plan.  Let them know your situation and see what they can do about helping you reduce your costs.  Cable TV companies most of all will be receptive especially if you tell them you will otherwise need to reduce services or cancel your service altogether.
• Step 5: Now that you have reduced or eliminated some spending, it’s time to consolidate your debt and get some credit and debt relief. Do a quick internet search for “debt consolidation” and find a service that helps people consolidate and reduce their debt.  These companies will take on your debt and reduce your interest rate so that your monthly payments come down and you see a light at the end of the tunnel.  It also helps by allowing you to make a single payment instead of separate payments for all your debt.