Eliminate Your Credit Card Debt By 50%

If you’re having problems on paying for your credit card debt then there is no doubt that you’re in financial trouble. Excessive shopping, late credit card bill payments, accumulation of fees and charges are just some of the few major reasons why your credit card debt would go high as much as $10,000.

So how about cutting your credit card debt by 50%? Are you capable of eliminating half of it? Sounds good huh! In fact, it’s actually possible.

You can start by having yourself disciplined when it comes to budgeting. Cut yourself a slack and focus more on your needs. When I say needs I mean the necessities for your daily living. Set your wants aside for the moment and give time to resolve the problem in time.

You may also want to have your own list of every expense you have at home. Your daily expenses and monthly bills couldn’t be tagged off among your necessities so have a list on them to keep you on track on how well or bad you’re doing with your budget.

Running off from your credit card debt wouldn’t solve your problem. It would only make everything worse. The best thing you could do is to consult with your credit card provider regarding your situation. There will be negotiations made that would compromise your financial crisis for the better as of the moment.

There will be a lot of things you need to give up when you’re trying to eliminate 50% of your credit card debt. There will be sacrifices you have to make in order for you to reach your goal.

Furthermore, you may also want to inquire if your credit card provider has alternative means of payment where you can partake as of the moment to compensate the damage you have caused in having an enormous amount of debt with them.

But what better way to eliminate credit card debt fully than preventing it to happen. Yes! Allowing yourself to be in debt can be prevented first hand. You have to consider a lot of factors in order for you to prevent yourself from having credit card debts in the future.

One factor is the kind of credit card you have. Before even choosing a credit card, you have to know more about it. A good credit card offers a lot of rewards and benefits with 0% interest rates. But you also have to do your part to make the most of these rewards and benefits. You have to make use of the grace period provided by your credit card provider for you to be able to pay your bill before you’re charged with the interest.

There are hundreds of credits cards you can choose from. But give yourself a break in finding the best one for we have it all listed in one place.

The affordable solution to your financial needs with longer payment terms. Get your credit card from the worlds best credit card companies

HSBC credit card discontinued??????!!!!!!!?

I have a credit card from HSBC that i got to help rebuild credit, had it 2 years and always paid early and more than current amount do. They have discontinued this credit card and want to transfer to orchard bank, with same terms and conditions as stated in previous letter. now recieved letter as of december rates will increase by 5% but I have the option to opt out and close the account. What the hell, so much for building credit! Dont they have to honer the original contract? could they realy just cancel it like that just cause they dont want it?
they said the hsbc account will just rollover to orchard bank account. I know closing an account is bad on credit report, but they said if I do the opt out they will close it at my request and she said that wont hurt my credit. Dont know if thats true though.

Answer
This is nothing unusual in the credit card business now days.

Pay-pal went to Providian, then over to WAMU and now is owned by Chase. My Pay pal card did not change in anyway.

Due to the economy, and the new law that goes into affect in Feb 2010, the CC companies are going to recoup losses one way or another.
Here is how the new law is written regarding the APR
Rate increases: A cardholder’s annual percentage rate generally cannot be increased unless a written warning is provided 45 days in advance. No rate increase can take place until the account has been open a year. These provisions take effect 90 days after the bill is signed into law.
(NOTE: notice this does not take affect until 90 days AFTER the bill is signed into law, so that means they will jack up everybody come the 1st of Feb who have a short history with that bank!!

Now as to the closing (if you opt out) she lied to you but then she just works for them and could care less what a customer does.
This will affect your credit score because you have now reduced your available credit line. This raises your current debt load (also known as debt utilization) which is the amount you owe versus the amount of all of your credit card accounts and credit line.

Example: now you have a total credit line of $5000 and your total balances owed is $1,500 = your ratio is 30%.
Now you opt out and close that account and loose $2000 in credit, but still owe a total of $1,500 on your other accounts = your ratio jumps to well over 50% and then your score plummets.

Best bet, if your balances are low, and you do not want to pay the higher APR, then opt out. You only had the card a short time so it will have less affect on your score. Old accounts in good standing are far better anyways.

Or just let it roll over to another bank and do not use it but 2 or 3 times a year to keep the available credit.

Hope this helps explain things.
You can learn more about this at the link I have provided in the source area.