| This may come as a surprise but if you only ever pay | | | | budgeting you are only able to pay the minimum, or |
| the minimum repayment on your credit card it will take | | | | just a little bit more, you may have to consider an |
| you over 20 years to get out of credit card | | | | unsecured consolidation loan to immediately get out of |
| debt.Borrowing long term on a credit card not a | | | | credit card debt.Take out an unsecured loan as this will |
| sensible way of managing money but millions of card | | | | not put your home at risk. Currently is it possible to get |
| holders are doing it every month. Here are seven | | | | some very good rates on unsecured loans so shop |
| ways to help you get out of credit card debt fast.1. | | | | around.Set the repayment term as short as possible |
| Don't use credit cards to buy everyday things.In the | | | | and cut up your credit cards to avoid being tempted |
| past I, like many people, have bought my monthly | | | | again.6. Consider a Secured Personal Consolidation |
| shopping and paid utility bills on my credit card. At the | | | | LoanIf you own your own property then the bank or |
| end of the month instead of clearing the balance I've | | | | lender may insist on a secured consolidation loan.A |
| paid the minimum or maybe just a little bit more.Six | | | | secured consolidation loan simply means that you have |
| months later I'm still paying for groceries that were | | | | to put up your property as security for the loan. The |
| consumed months earlier and instead of working to | | | | bank can, if you fail to make the payments, take |
| get out of credit card debt I'm getting deeper and | | | | possession of your home and sell it to get their money |
| deeper into debt.Credit cards should only be used to | | | | back.Using secured consolidation loans to get out of |
| purchase occasional higher value goods and not day | | | | credit card debt is not generally advisable. The interest |
| to day living expenses. Unless you have sufficient | | | | rate will probably be no less, and is often higher, than |
| funds to completely clear the bill when it arrives, pay | | | | the unsecured loan but your home is at risk.7 . |
| with cash. You will never get out of credit card debt if | | | | Refinance your mortgageIf you own your own home |
| you use the card for day to day expenses.2. If you | | | | you may be able to refinance the loan (re-mortgage) |
| are able to pay off your credit card out of savings do | | | | for a higher amount and use the surplus to get out of |
| so.With interest rates on savings as low as they are | | | | credit card debt.In many ways this seems an |
| at present it makes no sense to pay 12 to 18% on a | | | | attractive proposition as interest rates are very low at |
| credit card so you can earn 3 to 5% on your savings. | | | | present. If there is sufficient equity (value in excess of |
| If you can, get out of credit card debt today by paying | | | | your borrowings) in your home your existing mortgage |
| the bill in full.3. Draw up a budget plan.If you cannot pay | | | | lender or another lender will lend additional funds.If you |
| the account in full then it's time to draw up a budget | | | | can avoid this option I would recommend not to take it |
| plan to get out of credit card debt as soon as | | | | as you are converting short term debt to a long term |
| possible.A budget plan is a simple income and | | | | mortgage and your home is at risk.In the end you will |
| expenses statement for the week or month. It enables | | | | pay more however, if the choice is between continuing |
| you to work out how much money you have spare | | | | with your credit cards with their high interest payments |
| each. From this work out how much you can afford to | | | | or a re-financing of your home, then the re-financing is |
| pay off your credit card bills. If necessary work extra | | | | an option.Credit cards are one of the most expensive |
| hours and use the income to reduce the bill quickly.4. | | | | forms of debt and banks and other lenders are |
| Switch the balance with a 0% Balance TransferTo | | | | making billions every year from individuals with credit |
| help you to get out of credit card debt quickly move | | | | cards.If you must have a credit card, and I confess I still |
| your balances to a new card offering 0% balance | | | | have one, then use it only for exceptional purchases |
| transfers. Then pay your budgeted amount to reduce | | | | that can be repaid within a few months.Don't use your |
| the balance as much as possible within the 0% period. | | | | credit cards for day to day living expenses, do your |
| This way every dollar reduces the bill.At the moment | | | | budgeting and help yourself get out of credit card |
| there are some cards still offering 0% without a | | | | debt.John has worked for many years in Insurance |
| balance transfer fee but I suspect these will disappear | | | | and Finance. He now writes on a number of topics |
| soon. Apply for these, if available, otherwise you may | | | | including Credit Card Debt. For more articles on |
| have to pay the 2 to 3% balance transfer fee.5. Take | | | | managing credit cards go to Credit Card Debt. |
| out an Unsecured Personal Consolidation LoanIf after | | | | |