If you've had problems with your credit card balances in the past then you may have been considered a way to eliminate your debts.
There are various ways to protect your credit rating and one way is to keep your Visa, Mastercard or American Express card balances down.
Eliminating credit card debt can be accomplished with a consolidation loan, a home equity loan, or an increase in income. Elimination of all your debts is the first step in financial recovery. Visa, Discover, American Express and Mastercard debts are expensive debts. They need to eliminated as soon as possible to avoid runaway interest costs and fees.
My own experiences with trying to eliminate mounting debt has taught me a financial lesson. I was a good debtor to my creditors for many years but that was coming to an end.
My card balances had increased to the point where I could not pay down the principal on any of my credit cards. At that stage of my life I had no way to pay down my cards short of robbing a bank. I ended up choosing the debt consolidation route as there was no other way to eliminate my high card balances.
It took 4 years for me to pay all my debt off and it meant living on a tight monthly budget. It was all well worth it and I did not have to claim bankruptcy.
I don't use my credit cards anymore because I got rid of them. The biggest eliminator of debt is the act of simply cutting up your cards. I found a way to live on the income I have and not charge purchases.
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