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[I373]Interest On The Debt

by Michael Klein, Mic

I know it really doesn't matter how or why you got into debt. What really matters is what you do about it now, because whatever you've been doing isn't working to well. If your debt seems an unmovable foe, you will enjoy this article.

Do you really think creditors want you to know how to pay off your debt? Thats like saying the casino really wants to teach you how to win. Creditors want you do learn nothing more than how to manage your debt, just like casinos want to teach you the basics about blackjack!

You must realize that creditors are banking on you making your payments on time on the payment schedule they set up! When you pay off your car you will have paid thousands of dollars more than you bought the car for. That is real money people.

You debt should not be something you manage, your debt should be something you attack! There are no ties in battle, their are winners and losers, and right now the creditors are winning. You need to know the weakness of your opponent.

If you are treating your debt like you are at peace with each other, then you will be slaughtered on the battlefield of life. Debt knows it's at WAR, and it doesn't plan to lose.

Interest is debts secret weapon. Interest is the poisen that keeps us from paying off our debt. Do you pay your debts on time when the bill comes in the mail? Most of us do. But wouldn't it be wiser to make multiple payments toward your debt every month?

I know what you are thinking. "Of course I would like to make double payments, but I don't have the money to do that. Aren't you listening to anything I've been telling you!! I'm in DEBT. I can't make any more payments!"

Well let me first say that I understand why you are yelling at me. Secondly, you can make extra payments. We all can. Just not the way you think. I'm not asking you to spend extra money, I'm just suggesting you make more payments with the same money.

Are you hearing me? What if you took that car payment divided it by 30 days? It would equal a 1/30th of your normal payment. Did you know 30 small payments per month, instead of just 1 large payment, will pay off your debt much more quickly.

Did you know that little tid-bit? No of course not, because if you did then debt's secret weapon would be useless against you. This is just a simple way to show you that if you understand how interest is accrued, you can defeat your debt.

While consumers struggle to make even their minimum monthly payments, issuers of credit cards are realizing all-time record profits. For instance, credit card companies earned a staggering $90.1 Billion in profits from interest charged to consumers during the year 2006. What's worse is that these same companies earned $55.2 Billion in fees charged to their customers, such as over-limit fees and late fees.

If you're a consumer contributing to these ridiculous profits through high interest credit card debt, and you're struggling to meet your monthly financial obligations, it's time to reassess your current situation. I recommend that you gather all of your credit card bills and carefully review each statement. You'll want to determine exactly how much interest and/or fees are accruing on your accounts each month. After doing so, you should be able to have a clear understanding of whether or not you can realistically pay off these debts in a reasonable amount of time, and eliminate some of the interest you're paying. For a free Credit Card Interest Rate Worksheet, visit the following link: www.donaldsonwilliams.com/Credit_Card_Interest_Rate_Worksheet.html.

This simple worksheet will help you clearly review your finances and determine if you're being strangled by high interest.

If you find that your current credit card debt is nearly impossible to pay off through regular monthly payments to your creditors, it's time to seek help. The following solutions have helped many people to eliminate their debt:

• Debt Consolidation Loan
• Consumer Credit Counseling
• Debt Settlement
• Bankruptcy (Most people resort to bankruptcy only as a last resort, but it is an option)

It's time to take action now so that you can realize a debt-free lifestyle and eliminate your concern and anxiety due to money concerns. I wish you the very best in your endeavor to eliminate debt and concern.

Article Source : Pg. 149

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Both Michael Klein & Marie Megge are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Michael Klein has sinced written about articles on various topics from Finances. author Micahel Klein will help you receive out of debt. Go to Uwin Financialand receive a FREE. Michael Klein's top article generates over 1300 views. Bookmark Michael Klein to your Favourites.

Marie Megge has sinced written about articles on various topics from Finances, Credit Counseling and Debt Consolidation. Marie Megge is a consultant in the credit services industry. Over the past several years she has assisted many individuals in resolving their debt-related matters. For more information regarding credit and debt visit. Marie Megge's top article generates over 18100 views. Bookmark Marie Megge to your Favourites.