The Best Strategy To Erase Credit Card Debt -

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The Best Strategy To Erase Credit Card Debt

The Best Strategy To Erase Credit Card Debt

Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.

In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.

Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.

Make a count of minimum payment of all the credit cards in the list you just created.

Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.

Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.

Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.

Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.

In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.

"@Copyrights 2005" - Bill A Smith is a debt consolidator for Ameri debt consolidation services. Bill has over 10 years of experience in providing debt consolidation, debt counseling and debt management services to clients.

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.nytimes.com/2008/10/07/business/07markets.html%3Femcid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNEw7hgrbyjymAUZ03CH0p8Th41Y4Qimg src=http://news.google.com/news?imgefp=iT99M7ihc8QJimgurl=graphics8.nytimes.com/images/2008/10/06/business/06markets2-600.jpg width=80 height=44 alt= border=1brfont size=-2New York Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.timesofmalta.com/articles/view/20081011/letters/easy-credit-and-financial-crisiscid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNELAtaT5OnEIG2AHrUPfhvk7MdJVwEasy bcredit/b and financial crisis/abrfont size=-1font color=#6f6f6fTimes of Malta,nbsp;Maltanbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1This is what a bcredit/b crisis looks like. It#39;s not like a stock market crisis, where the scary plunge of stocks is obvious to all. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.youtube.com/watch%3Fv%3DlEIZayeCWlQcid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNG0bDqAozva5379T5CmSojLKM8OhgVideo: Overseas Markets Fall on Financial Turmoil Fears/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/lEIZayeCWlQ/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/lEIZayeCWlQtype=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.bdafrica.com/index.php%3Foption%3Dcom_content%26task%3Dview%26id%3D10538%26Itemid%3D5848cid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNH8SPwwC8-LSe2EEIhGvB0tmFdhQQWorst is yet to come in bcredit/b crunch/a font size=-1 color=#6f6f6fnobrBusiness Daily Africa/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.gulf-daily-news.com/Story.asp%3FArticle%3D231457%26Sn%3DBUSI%26IssueID%3D31205cid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNEvmaxXkAf1bMyfSBYdIvGGKXLFJgSHARES FREEFALL/a font size=-1 color=#6f6f6fnobrGulf Daily News/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.tehrantimes.com/index_View.asp%3Fcode%3D179671cid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNHBMpsOf5h1YgAHoxPITBt3MTJ3zQnobrTehran Times/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5ht5O0qwOpypLImflHg6dTSrn-O7wD93M88TG0cid=1255864600ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNErv1I1bP-JvZSxmCSk0cv_CB9_3wnobrThe Associated Press/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255864600hl=ennobrall 1,472 news articles/nobr/a/font/div/font/td/tr/table

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.hedgeweek.com/articles/detail.jsp%3Fcontent_id%3D270902cid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNFrfX1201vUBcH654CfLiTUnvveqwimg src=http://news.google.com/news?imgefp=7kZiev_e1T8Jimgurl=www.hedgeweek.com/userimages/Chicago_Mercantile_Exchange.jpg width=80 height=60 alt= border=1brfont size=-2HedgeWeek/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.californiaprogressreport.com/2008/10/state_controlle_2.htmlcid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNFSfx1yEzMM8WBtr11RoGeNTuL4iQState Controller Chiang to Treasury Secretary Paulson b.../b/abrfont size=-1font color=#6f6f6fCalifornia Progress Report,nbsp;CAnbsp;-/font nobr2 hours ago/nobr/fontbrfont size=-1However, while we continue to work through this crisis, I believe more needs to be done to increase investor confidence in the bcredit/b markets, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ajc.com/business/content/business/stories/2008/10/10/credit_trade_swaps.htmlcid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNH-8LnQ1wmzZR-DxDru57aUCFsdyAICE, 3 other firms team up to trade little-known securities/a font size=-1 color=#6f6f6fnobrAtlanta Journal Constitution/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://blogs.wsj.com/deals/2008/10/09/financials-got-you-down-cme-pitches-credit-default-swaps-the-safer-way/%3Fmod%3Dgooglenews_wsjcid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNHe3UCzeX9EQazx4Yw2_NCF-Dj6XAFinancials Got You Down? CME Pitches bCredit/b-Default Swaps the b.../b/a font size=-1 color=#6f6f6fnobrWall Street Journal Blogs/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1052652820081010cid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNEeVq0BFHTRbK_Mv2omY3H7YMrLEQICE to compete with CME-Citadel for exchange-traded CDS/a font size=-1 color=#6f6f6fnobrReuters/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/cme-group-citadel-launch-first/story.aspx%3Fguid%3D%257B097CDE55-CE99-42BF-9BD9-D3650A10B3A3%257D%26dist%3Dhpprcid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNFpQCBaOFi2bLwJprGC0KSA6flORwnobrMarketWatch/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/finance/2008/10/07/cme-pimco-treasury-pf-ii-in_pr_1007dividend_inl.htmlcid=1254860311ei=t-rwSIubIKjs6gOnnfi9CQusg=AFQjCNEsa6D34Ea8Gg9L4doE-JFtK36MLwnobrForbes/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254860311hl=ennobrall 88 news articles/nobr/a/font/div/font/td/tr/table

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