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February 03, 2006


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We have an option that is readily available in the UK and that is to transfer the credit card balance to another card - the new lender typically offers an interest free period of six or nine months - this can be a very useful strategy both to minimise interest payments on an outstanding credit card balance and as a way of holding over a balance until it is possible to pay it off.

Stop charging credit card and live on cash basic is definitely the first step to deal with credit card debt. Just like a water barrel. IF the barrel is broke, no matter how hard you try to add water, you still can not keep any water. The theory is same to money.

Don't just throw yourself at a mountain of debt without preparation. How many cards do you have? What interest rates do they charge? Which have the highest balances? Write down your balances for each card, and their interest rates. Take all your credit cards out of your wallet. Start paying off the card with the highest rate first, and then the next highest... Furthermore you can negotiate with your credit card company for a lower rate. If you've had any of your cards for a while, take advantage of being a faithful customer, and call them up to demand a lower rate. Also you can consider combining your debts onto one or two of your lowest rate cards, if you've got some credit room on them. Simply call your lender and ask how to transfer funds.

When you want to improve your credit history and increase your credit score after a recent debt the best way is to find a co-signer to get a loan or new credit card. Besides you should pay all your bills on time (i mean not only credit card bills but also telephone bills)

You simply cannot live off of your credit cards, that is what puts people in the place where they cannot handle the situation. By just making the minimum payments you are going to rack up more debt, lose more money in interest and stay in debt forever.

Dateline NBC aired a very interesting episode on it’ s Friday edition of the show entitled“ Inside the Financial Fiasco”. Friday’ s episode pertained to the tactics and practices of the debt collection industry. Dateline NBC conducted some undercover investigations of debt collectors. I found the tactics of these debt collectors to be beyond abusive and harassing. In my opinion, the tactics used by the debt collectors portrayed in this episode were fraudulent and criminal.

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