How to Settle your Credit Card Debt - PowerPoint PPT Presentation

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How to Settle your Credit Card Debt

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If you do not manage your debt well, then it can leave you with one of the worst feelings while opening a credit card statement where you know you cannot make the minimum repayment, – PowerPoint PPT presentation

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Updated: 10 November 2010
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Title: How to Settle your Credit Card Debt


1
How to Settle your Credit Card Debt
  • Written by Lawrence D.

2
  • If you do not manage your debt well, then it can
    leave you with one of the worst feelings while
    opening a credit card statement where you know
    you cannot make the minimum repayment, let alone
    settling off the entire credit card debt. These
    times can be very stressful and if they prolong
    then it can cause you serious personal and
    financial troubles. Managing your credit card
    debt is very important. Following tips will be
    very helpful

3
Do you understand your Credit Card Limit?
  • The first thing you need to understand is that
    your Credit Card Limit is a limit, not a
    target. It is easy to understand why so many
    people go outside their credit card limit in the
    very first month they forget that their credit
    card limit is the maximum that they can use and
    it is not the amount that they must use.
    Therefore, be honest to yourself and ask yourself
    will you be able to repay your credit card
    debt, as per your current financial status. If
    you are overwhelmed with your credit card debt,
    then it is better to ask your credit card company
    to reduce your credit card limit. It will help
    you in managing your debt. And once you are
    comfortable with your financial position and your
    spending habits, you can always ask them to
    increase your limit again. 

4
Can you lower your Credit Card APR (Annual
Percentage Rate)?
  • Your Credit Card APR, i.e. the interest rate on
    which you repay your credit card debt, depends on
    your credit score. Therefore, if you ensure a
    good credit score for yourself, then you may pay
    less interest on your outstanding credit card
    debt.

5
Are you afraid of your Credit Card Statement ?
  • If you are not comfortable receiving your credit
    card statement then you may be afraid of reading
    it as well. However, it is very important that
    you spend time reading your statement, so that
    you can find any miscalculated extra charges,
    like late payment fees, which can increase your
    credit card debt and thus your minimum monthly
    payment. If you are paying what you guessed you
    should pay, rather than the amount that is
    mentioned at your credit card statement, then
    they will charge you some additional fees. And
    this ramping up of extra fees continues.
    Therefore, it is better that you read you credit
    card statement well. Credit card debt
    management bottles down to just two things how
    much credit card debt you owe and how much credit
    is available on your card. And beware of this
    damaging thought that many people have - you
    repaid your debt this month, does not mean that
    you necessarily take debt from your credit card
    once again the next month. If you want to manage
    your credit card debt well, then repay the debt
    and do not use the credit card again for some
    time.
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