3 Credit Card Debt Myths – You Can Be Debt Free
Most people think that just because they racked up a large credit card statement that they are stuck with that for the rest of the lives. Remember, bill collectors are not licensed by the state of Alabama, and their threats not only present virtually no truth but rarely have any relation to the truth. This article will show you how to become debt free.How to become debt free begins with taking stock of your current assets and liabilities.
These are simple but important steps that will increase the amount of money you pay a month while decreasing the interest on your cards.
Ask to speak with a supervisor if the customer service representative is unable or unwilling to help you.Myth 3: Credit card companies never waive fees.This is another myth that is only half true. After all, that is what will bring you to the debt elimination pinnacle.In the next article, we consider what to do if there is really no spare in your monthly budget. With the available funds pay off all the balances with the lowest interest rate and then the only remaining balance will be the one with the highest interest rate. Pick the bill that charges the highest interest rate and pay as much as you can to this account until it is paid in full.
Many credit card companies are willing to lower interest rates if you tell them that you will move to a competitor with lower rates.
To help get you started, here is the truth about some of the most common debt relief myths.Myth One: You Must Pay Your Debts in FullFortunately, this is not true. In this case, the interest rates are generally lower and the terms are better, thereby meaning lower overall costs. If you don’t have the cash, save money from each paycheck until you have enough to buy it interest free.If the interest rate is above 9%, call the company and negotiate a lower interest rate. If the customer service representative you speak with is unable to do so, ask to speak with that person’s supervisor.
They may persuade credit card companies to waive fees and eliminate charges that you have accumulated.
However, half of that is true: while we certainly aren’t greedy, we are slaves to a system which was invented to rip us off left and right. Most companies will waive the fees.You generally have a lot of time. Ask if they are willing to eliminate fees that may be on your account, such as late fees, over the credit line fees, or cash advance fees. Ensure that you are polite and not demanding, impatient, or upset when you speak with the customer service representative.