Tripping The Debt Spiral

By: Michaelbenifez
When you come to grips with your current financial state or financial disaster whichever the case, the next step is often the starting point of consolidating debt on the credit cards. This step can make managing the debt easier and give a clearer plan to reverse the debt spiral. For now put your feelings aside and get focused. Once heading down the consolidation path you'll find many offers and options.

When looking at any credit card offer to consolidate your debt look for one with the best rates so you can get the most paying off power possible. Using the right credit card with a low APR can help lower the debt faster.

Once you've selected a credit card to do the consolidating, it is time to start prepping. Take all of your bills and get them organized so you'll have all the information handy to start the process of applying for the credit card and transfer the bills over. In the long run the lower interest will save you money. Once all the bills are transferred over onto one card you'll be in a better position to get focused and back on track retiring the debt. For some consolidation is not the right path and for others reducing debt through consolidation is the perfect financial step to get them heading down the right path. The truth is, if the interest on your credit card is too high which is costing you every month it is in your best interest to find a card with a much lower rate. Take the time to improve your finances.

Once you've moved all the bills over to one card - DO NOT pay the minimum. Seriously attack your lower interest debt by paying as much as possible on open balance. With a lower interest rate and hopefully a card with a flat or low APR you'll be able to pay higher amounts to reduce the balance.

The key is focus! Focus on reducing your debt, focus on finding a lower interest card, focus on paying as much off on the balance every month as fast as you can and watch the debt disappear.
Debt, Loans & Business Cashflow
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