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  Category: Articles » Finance » Debt Consolidation » Article

Credit Card Debt Management: Coa A Small Card Can Make A Big Difference!

By Marsha Claire

We've al heard about the evolution of money and how it gradually moved from barter (goods) to gold and silver to paper currency. Well, we've moved on again; this time to plastic money! A credit card today is a felt necessity, although there are a lot of us who still do not believe in it. A credit card is simply more convenient and stops us from carrying bundles of cash all the time – making us feel lighter. Talking of 'feeling lighter,' interestingly, credit cards literally make us feel lighter because that's what they do in the long run – charge heavy interest rates and empty our pockets faster than we'd ever imagine, leading to something called 'credit card debt.' Every year, more than nine million debtors go to credit card debt management agencies to evade a financial crisis without filing for bankruptcy. Now you know why Credit Card Debt Management is essential.

When you have a credit card, it's more like carrying a bank without any limit. This is what gets us into credit card debt. Taking money on credit may be necessary sometimes, but not always, especially if you don't know the exorbitant interest rates charged on them. To add to that, most of us use several cards – personal, business and corporate credit cards, increasing our probability of landing deeper in debt… and then we ask, "How did I get myself into this?" To help us answer this question and to find a way around the problem we have Credit Card Debt Management agencies to help us.

The Credit Card Debt Management process: The first step to Credit Card Debt Management is to realize and accept that you are indeed in debt. Many of us live in denial and claim that it's nothing!

After you approach a Credit Card Debt Management agency you have to give them a detailed account of all your credit cards, your spending habits, necessity and luxury expenses and finally the amount of debt you are into.

Credit counselling agencies or Credit card Debt Management agencies after summing up your total debt, consolidate it for you. In this process all your credit card debts are merged into one single consolidated amount. Now instead of repaying several debts, you repay just one to the agency. They in turn make smaller payments towards each of the credit card companies, clearing your debt on your behalf. You are thus relieved of collection visits, and harassing reminder calls. A consolidation loan can also help at this time to repay the consolidated amount in one shot. Consolidation loans are usually offered at lower interest rates, they therefore make a lot of sense.

Without consolidating credit card debt, you start off by paying off your credit card that comes with higher interest rate, or you can finish of the credit cards with small balances, depending on your situation.

But why approach a Credit Card Debt Management agency?
•A Credit Card Debt Management agency can negotiate with your credit card company to lower the interest rate or even reduce your overall debt, especially if you have a good credit record

•They can assist you in transferring all your credit card debt onto one card that has a lower interest rate or 0% interest. You can then cancel your additional credit cards, reducing your chances of debt.

•The agency may be able to negotiate a lump-sum settlement for your existing debt, where the credit card company accepts a portion of your debt and writes off the rest. They usually do this instead of turning your debt over to a collection agency, as it's cheaper to settle.

•More importantly, credit counsellors listen to your problem, evaluate them and suggest measures accordingly. Usually they provide free advice but sometimes charge nominal fees for their services.

Finally, you have to differentiate between necessary and unnecessary expenses. Buy only what you need and borrow nothing. To make things easier have your agency chalk out a budget for you. Start making your payments on time and in full. It will prevent you from getting bad credit. Credit Card Debt Management not only helps you manage present debts but also guides you in handling debts in the future so that the same situation does not arise again. Credit Card Debt Management is the best solution since you are bound to file for bankruptcy without it. This will prevent you from getting any financial help in the future.
About the Author
Marsha Claire is offering loan advice for quite some time. To find Credit Card Debt Management, Debt management, Loans, Unsecured debt consolidation loans, Secured loans please visit

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