Pay Off Your Credit Cards in Record Time

Credit card debt - it seems we are drowning in it.  Each year, Americans rack up more and more credit card debt and it becomes harder and harder to pay them off it seems.  Many of us have multiple credit cards with different balances meaning that each month we have to go through and make sure each one gets paid

What Are the Warning Signs that I am in Too Much Debt?

While the baseline for having 'too much debt' can vary from person to person based on their income and expenses, there are a number of general guidelines that you can follow in order to determine whether or not you have too much debt.

Consolidate Credit Card Debt

If you are overwhelmed with the amount of credit card debt you have, you may want to consolidate it into one monthly payment. However, who do you turn to and what is involved?

Go with Who You Know
One of the best options people have when seeking to consolidate credit card debt is to turn to the creditors where they have a long term, and positive relationship. This may be your current mortgage company, your banker, or even your current credit card holder. Often these institutions have a vested interest in you and are willing to help. Your mortgage company may be willing to give you a 2nd mortgage product such as a home equity line or loan, your banker maybe willing to extend you credit to consolidate your credit card debt at a lower interest rate, and your credit card holders may also lower your interest rate or consolidate your credit card debt into one monthly mortgage. If this does not work for you then you may consider a debt counselor or debt management company.

Debt Counselors and Debt Management Companies
Debt counselors and debt management companies can help you to consolidate debt by combining your credit card debt into one manageable loan or by paying the debt for you on a monthly basis. Often when consolidating credit card debt these counselors and companies will negotiate with your current creditors to lower the balance owed if timely payments are made. They will also make the monthly payments for you if getting the payments out is a problem for you. You simply send them a monthly stipend and they pay the bills.

Finally, if you are trying to consolidate your credit card debt, try not to take on new debt. As with anything else, getting out of debt requires a plan.