The Easiest Way to Eliminate Credit Card Debt

Credit card debt is a scary reality for millions of Americans and getting out from under it can be a daunting task, but there is help and you can find a way out. There are many options when it comes to working to eliminate credit card debt. You can use such tactics as debt negotiation, pay down plans, debt consolidation and credit counseling to get back on track. For the best results, a combination of these tactics will be used together.

Debt negotiation involves contacting your credit card companies and offering them a settlement price for a lump sum payment on the account. If you are talking with the right person, someone who has the authority to make offers on your account, then you can come to an agreement. If you have the lump sums available, pay them immediately. If you are negotiating toward a debt consolidation loan, let them know a potential payment date.

Pay down plans are a method of eliminating credit card debt where you avoid using outside help and loans and instead work a smart plan to pay off the debts. This starts with a listing of all your credit card accounts with the highest interest rate account at the top and down from there. You want to pay the largest amount you can to the account with the highest interest rate, while still paying the minimums on all other accounts to avoid default. When the first account is paid off, you simply move the large payment to the next account and continue on until everything is paid off.

If you need more help than that and don't have the lump sum amounts available to pay off your credit card debt, then you will likely need to turn to debt consolidation. Debt consolidation loans are offered to people who are trying to avoid bankruptcy, but still get rid of debt. You apply for and work out a loan that is used to pay off all the debts you are including and then you are left with only one loan and one monthly payment to worry about. This can also bring instant relief from harassing phone calls and letters as well as financially on your monthly budget with a lower payment than those you were paying combined.

You want to follow any debt management plan up with credit counseling to help build the tools you need to avoid getting into the same situation in the future. There are many companies offering this service and can bring you peace of mind about your future finances and the dreams you have surrounding them. You can find a way to eliminate credit card debt and do it in way that saves your credit.