Tips To Credit Card Debt Reduction - Lesson 1
Credit Card Debt Reduction Strategy - Tactic #1
By Gary Worthington
Often enough, I find that people want real, working solutions to pay off their credit card debt in a really easy, 5th grader level technique. And it is quite amazing to note that many sites over the net are just doing the opposite. That is why, I decided to get this thing done… release some ‘top-notch’ but ‘under-used’ techniques that can easily reduce your credit card debt.
Tactic #1
This goes like this: KNOW THY STRATEGY.
We, in the search for answers, actually stumble upon lots of credit card debt reduction strategy, but do not use them all consistently. I know that you’ve (by now) come across about a dozen or so credit card debt reduction strategies that might have actually reduced your credit card debt. However, you still have that debt hanging (or you wouldn’t be reading this right now!)
Now, if you had come across such strategies, you would have even tried some of them. At least one of them. Then why is it that you have still not eliminated your credit card debt? It’s quite simple. You have not used them consistently, or tracked them consistently or found out ‘your strategy’.
That means, what you have to actually do is:
1. Use The Strategies You Know
2. Track Their Performances For You
3. Select The Winners And Dump The Losers
See? That’s all that you’ve got to perform. Fine. I will disclose and agree that it might not be as easy as it sounds or as I made it look. But compared to what you are trying to do, this might be far far far far better! Then why not shift to this?
1. Use The Strategies You Know
This is easy. All you have to do is, start using the credit card debt reduction strategies that you’ve been learning and use them consistently. Why? Because in the next step you have to track them and if you have to track their performances you have to (compulsorily) use these strategies consistently.
2. Track Their Performances
Now that you have been using some credit card debt reduction strategies, you will know which ones performed well for you and which were mega flops. You can easily identify the winners and the losers. That’s what the next step is about.
3. Select The Winners And Dump The Losers
Once you have selected the winners and dumped the losers, you have to start using the winners more vigorously. This you can do easily, because now you have lots of time left over from the dumped strategies! So go ahead, use up all the winners till you pay off your credit card debt!
Let me say this again - although it is NOT definitely as easy as it sounds, it is easier than what a million other books and programs ask you to do! Go ahead. Do it. And you will curse yourself for not having found out this simple but effective credit card debt reduction strategy yourself!
Good luck!
Gary is not so much of an expert on Credit Card Debt Relief matters, but unlike the experts, he’s been there done that sort of guy. There’s a special report (available for free download) that he’s written that you can download right away from here. For more info on paying off your debt and getting rid of credit card debt click here
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Tips To Good Decision Making - Your Next Decision Could Lead You to More Debt - Be Careful
Debt Problems ‘Caused By Poor Decision Making’
By Steve A Smith
Many debt problems are caused by poor decision making, with taking on more debt to pay back what debt you already have not always a wise move, according to the free and impartial debt advice organisation Debt Free Direct.
Derek Oakley, insolvency director at Debt Free Direct, said that while a number of people get into debt due to situations such as relationship breakdowns or being made redundant, certain consumers find themselves with debt problems due to a failure to assess what impact their continued use of personal loans or other forms of borrowing may have.
Mr Oakley said that “many” people get into debt problems due to poor decision making, “or not being accurately able to assess the impact” of the choices they take. He offered that some people also struggle to understand whether they are able to afford things. Mr Oakley also suggested that financial education at an early age, something that all political parties seem to be backing, would help. “It’s something the government’s looking at and is something a lot of the debt charities are looking at as well.”
The insolvency director suggested that debt consolidation loans are not always the answer to the debt problems of some people either, suggesting that for certain British consumers such loans are the same as “shuffling the deckchairs on the Titanic”. “If you have too much debt then borrowing more is not really likely to be the answer; it’s simply moving things around,” Mr Oakley said.
He also highlighted the role of the lender in the modern credit market, suggesting that there is a certain responsibility bestowed on such organisations when it comes to lending money to consumers. Mr Oakley said that if a high street lender agrees to lend money to a customer, it is often assumed by that customer that “they’re capable of paying it back”, as that is what seems to be implied by the bank accepting the loan application.
Interestingly, despite a rise in online gambling platforms, Mr Oakley said that a “relatively small proportion” of people single out gambling as the cause of their debt. However, he added that some people that seek advice from Debt Free Direct do not put forward gambling as the “headline reason” for their debt problems, despite this being the cause in some cases.
Earlier this year, the marketing director of Picture Financial offered that a debt consolidation loan could be a wise choice for certain consumers. Julia Dallimore suggested that such a loan, which brings all outgoings together in one place, resulting in one monthly payment, “is a priority” due to the difficulties of managing multiple payments. “For people in this situation, freeing up a significant amount of money each month and getting everything in one place is a priority,” Ms Dallimore said.
In addition, Credit Action urged in April this year that people taking on Individual Voluntary Arrangements (IVAs) at an early age could affect their credit rating for six years, suggesting a debt consolidation loan could be a better approach.
Steve Smith writes for 1 Stop Finance Shop, a one stop, [http://www.1stopfinanceshopuk.biz/]Personal Loans Shop, with information on www.1stopfinanceshopuk.biz/bad-credit/index.html]bad credit loans and www.1stopfinanceshopuk.biz/debt_consolidation.html]debt consolidation loans available on site.
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