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College Debt – how to avoid it, and how to get out of it Because most college students are using loans to finance their college education, the debt level of recent graduates is rising rapidly. On average, students graduate owing $12,000-$16,000...
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Consolidate A Credit Card To Reduce Your Debt
Strange though it may sound a credit card can be a useful tool
in controlling debt. The properly chosen credit card can, in
fact, be used to consolidate debt. There are several features to
look for though if you plan to use a credit card in this manner.
As is always the case before you scrutinize any credit card
option, you should first have a clear understanding of your
credit situation.
Whenever you are approaching a decision about your credit it is
of primary importance to pull your credit report. The government
has mandated that all individuals be allowed an annual free
credit report. When accessing this report make sure that you
have gone to a truly free credit report site. Some companies
lure people into their sites by advertising a free credit report
and then ask for credit card information. Free credit reports
are available from such sites but if you have supplied them with
credit card information you may find that your card will be
billed thirty days later for a credit report update. The charges
will continue ever thirty days or so after the initial billing
until you have cancelled the service. The best idea is not to
give out any billing information in order to receive your free
report.
Get a report from each of the three credit reporting agencies
(Experian, Trans Union and Equifax). When you ask for your
report the site will also offer to send a credit score (FICO
score) for a small additional fee; knowing your FICO is also
beneficial and generally worth the nominal cost. Again, read the
fine print and be careful not to set up any ongoing transactions.
After receiving the three reports analyze them carefully. You
are unique but your name may not be. Make sure all the credit
card bills are actually yours. Also check to make sure your
social security number is listed correctly. Social security
numbers are keyed in by hand and thus subject to error. One
digit misplaced can give you someone else's derogatory credit.
Report any errors to the agencies. Make the report to all three
agencies as they do not share information.
Now you have a list of all the revolving credit card debt
that
you owe, the balances and contact information. This is the money
owed that may be ripe to consolidate on one credit card. Contact
the creditors and find out what the current interest rate is on
each card and if there are any programs which would allow you to
reduce that rate
http://www.springfieldsocialist.com/category/finance-guides.
Let the companies know you are actively shopping for
alternatives to your current rates. Customers in good standing
with their credit card companies, customers with high FICO
scores and customers who regularly charge and make their
payments are valued by credit card companies. It may be that you
will be offered incentives to retain their cards. Also, inquire
about any balance transfer opportunities or other programs such
as frequent flier miles.
Now you are going to design your own program to consolidate
credit card debt. Compile a list of all the companies with
columns comparing the like features: Interest rates, penalties,
incentives, credit limits. When choosing which company to use to
consolidate your credit cards, look at all the features not just
the interest rates. Narrow down the options to two or three
cards. Speak with company representatives. It may be possible to
negotiate even better terms.
Once you have chosen an institution with which to consolidate
credit card debt, follow through and transfer as many of your
outstanding balances as possible to that one card. Adjust your
credit card behavior and be disciplined about your use of
credit. Cut up all the other cards. You may even wish to close
all accounts other than one for emergencies. Don't carry the two
remaining cards in your wallet. Remember, charge cards are nice
as long as you, not the card, are in charge.
About the author:
If you would like the latest credit card
debt secrets you may visit my debt consolidation blog which is updated mutliple times
daily!
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