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.

Eliminate Credit Card Debt

No one likes to be hounded by creditors, and too much credit card debt can have them beating down your door. If you are wondering how to eliminate your credit card debt, consider these options.

Your Basic Options
If you are a homeowner with equity in your home and good credit, a home equity line of credit or a home equity loan may be your best bet in eliminating credit card debt. There are a couple of advantages to utilizing your home's equity when you are trying to eliminate credit card debt.

" Home equity lines and loans have tax-deductible mortgage interest.
" Home equity lines and loans generally are at a lower interest rate then what you are charged by your credit card companies.
" Home equity lines of credit can be used as revolving credit. If you eliminate your credit card debt with a HELOC you can pay down your loan and reuse it as you may need.
" Home equity lines and loans are generally easy to qualify for if you have good credit and home equity. Specifying that you are using the equity to eliminate credit card debt is also a plus.

While home equity lines and loans are great options for eliminating credit card debt, what if you are not eligible for one? If you are not eligible for a home loan, talk to a reputable debt management company about eliminating your credit card debt. DO YOUR HOMEWORK, however, and make sure you enroll with a legitimate company. Ask for references from others and check with the local governing agencies before making a commitment.