April 5, 2009 8:04 pm

Three Killer Methods to Erase Credit Card Debt

By Wilbur J. Jankowitz

Credit card debt is a difficulty for millions of people that just continues to become worse and worse. Here are the top 3 strategies I know to begin to reduce that debt and begin digging yourself out of that hole:

1. Make use of interest-free trials

When looking for a new credit card, find one with an interest-free trail offer. Some offer a year or even more with no interest on balance transfers and new purchases. If your new card offers the latter, use it to make those new purchases - but make sure you put away money to pay off the balance before the trail period is up, and use any money you save on interest to pay off your pre-existing credit card debt.

2. Work to have your present American Express or credit card interest rate reduced

When you have ceased increasing your debt, the proceeding step is to get lower interest rates. Did you know that most Visa card firms will put boost your IR by as much as 100 percent if you so much as make one late payment? Even if payment is only 1 day late, the banks will most likely significantly raise your interest rate. The truly silly part is that these companies seldom report you to credit companies unless you’re a full sixty days late with a payment.

You can quite effortlessly turn this situation advantageous. If you find that your Mastercard company has raised your IR, call or write them, informing them you have another company that is prepared to offer you a lower rate - of course, you continue to have a good credit history. See whether or not they decide to call your bluff - chances are, they will not, as they know there are several lower rates available. This may be an excellent way to save large $ in interest each month without even opening up a new Visa card.

3. Make an application for extra cards

Of course, if your credit card company won’t deal with you, you can actually search for another company offering lower interest credit cards, and open an account with them. Remember, unless you’ve been over 60 days late with a payment, your credit report might well have no marks on it from your old cards. Furthermore, even if you have a less than stellar credit score, there’s a very good chance you can still find a lower rate than you currently have. - 23687

About the Author:

Find out exactly how you can get rid of your credit card debt and other bills for good. Visit debtconquest.com to find out all about do it yourself debt settlement and do it yourself debt negotiation.