Help with debt is available, if you know where to look. If you need credit help, credit repair, bad credit repair, or debt help, you’ve come to the right place. I am the master of bad credit, and learned from personal experience that it is easier to get into debt than it is to get out of debt.
Credit repair is no laughing matter, and when you’re going it alone, it ain’t easy. Trust me, I know—been there, done that. The first lesson I had to learn about bad credit repair was to get help with credit card debts. At the bottom of this article I give you three sources you can use to get help.
But for the moment, let’s learn more about bad credit repair, and how to get help with debt.
One of the best ways to reclaim your financial future is to repay those high interest consumer loans and then restrict the use of credit cards to emergencies and fast investment cash.
Therefore, a crucial step in learning how to get out of debt is to reduce your dependence on credit cards and ensure future monthly payments on all of your cards combined never exceeds 10% of your after tax income. Okay, I can hear you saying, “That’s a nice goal—but for now it would be good to just get out of debt, thank you.”
First, understand that you are not alone. A lot of us are dealing with credit card debt and need help, preferably by this Tuesday.
The Federal Reserve estimates that Americans currently owe over 808 billion dollars in revolving debt, which is principally credit cards and auto loans, and over 1.3 trillion dollars in non-revolving debt.
According to U.S. Bankruptcy Court statistics, there were well over 2 million bankruptcy flings made in 2005 alone, with the vast majority of these non-business related filings. Remember, there are approximately 123 million working Americans; therefore, this number represents nearly 2 percent of the working population. The need for bad credit repair and help with debt has become a financial epidemic.
One of the main reasons you may be having a hard time with credit card debt is the interest and fees you pay. My first step in getting out of debt was to find low interest credit cards and transfer my balance off the high interest cards. I then closed those high interest accounts.
I then identified the credit cards that had the lowest balance and focused every extra penny I could scrape up to pay off that card as quickly as possible, while remaining current in my payments to the other cards. I had about five cards at that time, so it looked like I had a long road ahead of me.
After paying off that first card, I then focused my efforts on paying off the next lowest balance. One by one I attacked the balance due on each card. I am now down to two credit cards. The balances are still a bit high, but I can manage the monthly payments and always try to pay more than the minimum due each month.
I know that bad credit repair is not easy, but if you follow a plan of attacking the balance due on each card, you can do it. Earlier I stated that you were not alone in needing help with debt. I’m with you, continuing the good fight against credit card debt.
Here are three ways you can get help with debt and learn how to repair your credit:
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