Credit Card Debt

Credit Card Debt

A Surprising Cause of Credit Card Debt

If you're running low on cash (and your bank account is too) don't turn to your credit card for a cash advance. There are fees and high interest rates associated with cash advances that have to be paid off in full each month--and that's on top of your monthly minimum. You want to see your monthly minimum go up? Get a cash advance.

Sadly, you see this happening a lot in casinos. People on a losing streak "just know" they're about to hit it big. They just need that extra $100 or $200 to gamble with. But getting a cash advance from your credit card is gambling with your credit. Think about it--if your checking account balance is so low that you can't get cash, you are probably having a hard time paying your bills. And as if running up a bunch of credit card debt isn't bad enough, getting cash advances only makes it worse. So don't do it.

If it's too late, you can still get help--and you don't have to bet the farm to get it. There are at least four credit card debt management programs that can help you eliminate credit card debt:

• Debt consolidation mortgages allow you to combine the amount you owe in credit card debt to your mortgage. You get the same low interest rate as your mortgage, and your mortgage payment only goes up slightly.
• Debt consolidation loans give you the money you need to pay off all your credit card debts at once, then you just have the loan to pay back. The difference is that the interest rate on the loan is a lot lower, so you will have the loan paid off in about five years. Whereas, with credit card debt, it could take you a lot longer--a minimum of 13 years, depending on how much you owe and the interest rates you're paying.
• Debt settlement can get 60-80% knocked off your total credit card debt--the caveat is that you have to pay the new, lower amount immediately.
• A basic debt consolidation program is for anyone. Through this program, a debt management company will contact your creditors to get your interest rates and balances reduced, then they combine them, and you make one monthly payment to the debt consolidation company instead of several monthly payments to your creditors. The best part is you can be debt free in five years!

Free yourself from credit card debt with one of these programs today.

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