Credit Cards for Debt Consolidation

My first reaction to this lady was are you insane! I guess this may work for some people, maybe 1% of the population but I am trying to be nice. Read for yourself and see what you think.

What is credit card debt consolidation? Simple, credit card debt consolidation is when you use one credit card with a large limit to pay off your other credit cards with either higher interest rates or high fees. This strategy is not for everyone; however for some people it can be very helpful.

Using Credit Cards for Debt Consolidation

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Get out of debt fast. Three simple steps

Get out of debt fast. Three simple steps

Reduce your interest rate
First call your Credit Card company and ask them if they will reduce the rate on your credit card. They will only do this if you are in good standings. So no late payments over the limit issues, etc. Most of the time they should at the very least give you a temporary rate reduction and if your luck they will give you a permanent reduction. You may want to stress the fact you are a very good customer. All they can say is no and you have a 50% chance of getting the rate down.

Pay more than the minimum
This is a must. Pay as much as you can above the minimum required on the card. You will increase your payoff time drastically. We are talking by years. Skip the Starbucks coffee or eat out 2 less times a month. Do anything you can to find an extra $100, $200 or more and start to pay that balance down fast.

Create a snowball effect
Once you have paid off one debt use the money allotted to that old debt to any new debts you have instead of using it on other things. Keep hammering away at your debt and you will see huge progress. The key is to stick with it.

The 10 Step Debt Elimination System

The 10 Step Debt Elimination System

The 10 Step Debt Elimination System
By Larry Holmes

Over the years I’ve evaluated many debt elimination systems. The best one I’ve ever seen is also one of the simplest. So let me introduce you to…

The Best Iron-Clad, No-Holds-Barred, Fool-Proof, No-Fine-Print, Debt Elimination System Ever Developed – Bar None

Just follow the following 10 steps…

  1. Go back one year and record all of your expenses. You need to go back that far to make sure you account for seasonal spending. Check bank statements, cancelled checks, credit card statements, anything you’re spending money on.
  2. Carry a little notebook with you for a couple a weeks and record anything you’re spending cash on. For example, that cup of Starbucks coffee that you can’t seem to do without. You’ll be amazed at how much is falling through the cracks on that kind of stuff. I realize that this part is a pain. But the payoff will be tremendous.

  3. Divide your expenses by 12 to get your average monthly expenses.
  4. List the balance owed for all of your debts, including your mortgage. If you can’t find it from your records, call your creditors and lenders and ask them.
  5. List the minimum monthly payment for all of your debts. What is the total of all your minimum monthly payments? Let’s say, for example, the total is $2,000 per month.
  6. Divide the balance owed by the minimum monthly payment for each debt. This will give you the number of months it will take to pay off each debt assuming the minimum monthly payment.
  7. Rank your debts by how many months it will take to pay off each one. The fewest number of months all the way down to the most number of months.
  8. Prioritize your debts by the number of months it will take to pay off each one (again, assuming the minimum monthly payment). Your highest priority debt is the one that you can pay off in the fewest number of months. Your lowest priority debt is the one that will take you the most number of months. That will probably be your mortgage.
  9. Okay, in step Number 4, you totaled your monthly payments on your existing debts. We are using as an example a total of $2,000. Take 10% of that total, or $200.
  10. Re-direct $200 that you are already spending on something else to apply to getting out of debt. Don’t tell me that you can’t find the $200 because you can. I’ve worked with thousands of people in helping them improve their financial lives and I know you can do it. It may come from $20 here, $25 there, $30 from this other thing, but it’s there. We all spend more than we think we do.
  11. Apply the $200 to your highest priority debt. It will be the one that you can pay off in the fewest number of months. For example, if the minimum monthly payment on your highest priority debt is $200, you are now paying $400 per month toward paying off that debt.
  12. Once that debt is paid off, you now have $400 a month to apply to the second highest priority debt. For example, let’s say the minimum monthly payment for your second highest priority debt is $250. You are now paying $650 a month on that debt ($250 + $400).

    When that debt is paid off you have $650 a month to apply to the next highest priority debt. You keep doing that until you’re completely out of debt including your mortgage.

    The beauty of this system is that you’ll be totally debt-free in just a few years and the only extra money that you committed to paying off your debts is the original $200 that you applied to your highest priority debt.

    Also, you now have $2,200 a month ($2,000 minumum payments on all your debts plus the $200 extra commitment) that you now can apply to investments. And it’s those investments that are going to make you financially free.

    Visit for your common-sense guide for debt-free financial freedom.

    Larry Holmes is a Wall Street trained financial advisor with over 30 years of experience. He is also an accomplished public speaker who has presented well over 1,200 financial seminars and keynote addresses to audiences throughout the United States and the United Kingdom.

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    10 Signs You May Need Credit Counseling

    10 Signs You May Need Credit Counseling

    10 Signs You May Need Credit Counseling
    By Jeremy Zongker

    Debt management programs can be of real help for people that discover they cannot face their debts. At first, they will attempt to solve the situation all by themselves by cutting down on spending and keeping a close eye on accounts. If this doesn’t work then it is time to ask for help from a financial expert. The sooner you admit you need help from an expert, the better will be for your future. The best time to seek the advice of an expert is before the appearance of most of the important 10 signs you may need credit counseling. You should already be worried when one or two signs appear. Of course that there are not only 10 signs you may need credit counseling but, these 10, are the most important. When you see more than a few of 10 signs at the same time, know that the situation is bad and getting into a debt management program could be the right solution for you.

    There are not a fixed number of signs that can tell you your debts are slowly killing your financial life, but in the following lines we will try to present the most important 10 signs you may need credit counseling. The most important sign is loosing your job or the possibility to loose it. The first thing you think of when you loose a job is how you will pay all your bills. In such a situation it is best not to loose your cool. You may think you just need to start looking for a new job and the bad situation will be solved. In case your next job does not come in the near future, the best thing for your financial situation would be to ask the advice of a credit counselor; even for the most desperate situations he will certainly have a solution. You should also be worried when your credit card balances are increasing while your monthly income is decreasing. This would mean that, in short time, you’ll not be able to pay your monthly minimum payments. This is another sign that you need credit counseling; if paying the minimum amounts required on your accounts is a situation that lasts a short period of time, and then the problem is not that bad. But if the situation repeats itself over and over again, this is a sure sign you may need credit counseling.

    When you discover that you have more credit cards then you need, know that this is one of the 10 signs you may need credit counseling. You have more cards then you need because you’re trying to pay an existing card with the cash advances obtained from other new cards. Another situation that could indicate you need the advice of an expert is when you’re constantly charging monthly more than you pay. If this is the first sign of financial trouble many people will try to work it out on their own by working overtime or taking a part time job. As we said before, if the situation is for a short period of time and you manage to get out of trouble all is fine but if it continues for a longer period this is another sign that you may need credit counseling. Also, if you start getting letters or phone calls about late bill payments, you should be worried at once.

    These 10 signs you may need credit counseling do not appear all at once; in time, one after the other, they will eventually appear. But it is mostly important to recognize them all, admit you have a problem and ask for help. There are situation in which the signs mentioned before appear at a certain moment but the person in trouble cannot see them or refuses to see them. More than that, people in financial trouble don’t know how much they owe and don’t want to find out. This is another sign that financial counseling is needed. The situation could get worse in case all this financial problems are not made known to the spouse as well. And, sometimes, when trying to hide such a bad situation, people in trouble are using their savings to pay off the monthly bills.

    The best advice for people that are experiencing this kind of trouble is to not let all the signs accumulate. When few of them appear and repeat themselves for a longer period of time, wise people should ask for advice from a financial expert that will surely have few options to get them out of debts.

    This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare credit card offers.

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    Is Independence Overrated?

    Is Independence Overrated?
    By David D. Wells

    Happy Independence Day from The Money Motivator!

    If you don’t celebrate “The 4th of July” like we do in the United States, today still presents you with an awesome opportunity to examine your independence.

    Independence means the quality or state of being dependent.
    The word dependent means not subject to control by others, according to Merriam-Webster Online Dictionary.

    A full 95% of the world will NEVER know what it feels like to have true independence.
    True independence involves being free from debt, which is a form of control. I have seen debt destroy far too many relationships, including mine. It was not until I decided to stop the cycle of debt that I was able to begin to enjoy life.

    Today can mark your first step in gaining true independence. You must complete one simple action. The first step is simple, yet it can be so powerful that it can set off a firestorm of ideas to end your finance problems.

    What is the first step? It is simply to DECIDE to eliminate debt wherever possible. For now do not concern yourself with how this will happen, just make the decision and in due time you will find the solutions.

    Today just decide to eliminate debt and then go out and have fun. In later articles I will reveal techniques and strategies to help you blast off on your way to total financial freedom.

    I also invite you to send me emails on creative ways that you may have to eliminated debt, so that I may share them with other readers, giving you full credit. My email address is [email protected].

    Visit to read my true story on how I began to eliminate debt. It is my hope that my story can inspire you to start to believe that you can change your circumstances in an instant. Also in my story is a technique I used to save money.

    To answer the question posed by the title of ths article, is independence overrated? No, it is underrated and that is why so many people are in debt, and therefore dependent on creditors.

    Much More Success,

    David D. Wells

    Often referred to as The Money Motivator, David Wells is passionate about helping you Crack The Wealth Code to become a money magnet. Let him teach you the techniques Hillary Clinton used to turn $1,000 into $100,000 in the course of a year.

    For more information visit his website at and sign up for his free newsletter, Money Moments.


    Fast Track Out of Debt

    Fast Track Out of Debt
    By Masni Rizal Mansor

    You go to the mail box and scan – a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free.

    Each month you pay the minimums and although you KNOW you’ve got a handle on it – you are not charging your credit card or accumulating new debts anymore – it seems that you will be paying the minimum fees forever.

    Did you know that HOW you pay your debts can affect how soon you will finishing paying them off – even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you’re not eligible or are not interested then there are several other things you can do.

    It’s not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief – guaranteed.

    STEP ONE – Create a list.

    List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes).

    Plan to pay the minimums on all debts with these goals in mind:

    STEP TWO – Small bills first.

    They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off – and freeing your mind.

    STEP THREE – Move the payments along.

    When one debt is paid add the funds to the next debt. For example, say you’re making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.

    STEP FOUR – Save the cash!

    Don’t forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.

    With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment.

    It is a worthwhile goal to get out of debt. Seeing that goal come sooner and teaching yourself discipline sets you up for a brighter financial future. You OWE yourself that!

    Masni Rizal Mansor is a successful webmaster and publisher of He provides
    tips on how to apply credit card


    Credit card minimum about to be more

    Green Bay Press-Gazette – Credit card minimum about to be more:

    “If you pay just the minimum on your credit card balances, be prepared to write bigger checks soon.
    Two of the country�s major credit card companies are poised to raise those minimum payment rates in response to federal guidelines trying to eliminate credit card problems.
    Local credit counselors say that while the move will be painful for some, it will help out-of-control spenders in the long run.
    �It�s going to affect a lot of people,� said Sandie Miske, president of GAP Financial Services of Green Bay. �It�s forcing people to become more financially responsible.�
    That�s a concept many Americans seem to be drifting away from.
    On average, Americans carry eight cards with a balance of $8,562, according to The Motley Fool Credit Center.”

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    From debt to wealth on $10 a day

    From debt to wealth on $10 a day

    From ‘Pay it Down’ by Jean Chatzky: 6 ways to pay down your credit cards and build up savings.
    September 27, 2004: 9:56 AM EDT
    By Jean Chatzky, MONEY Magazine

    NEW YORK (MONEY Magazine) – How would you like to be free of credit card debt? To have a financial cushion to fall back on?

    To know you have the skills to save and invest for any goal — and to guarantee your financial future? You can get there on $10 a day. If that sounds like very little — well, it is. But it could be the key to your future.

    Let’s say you’re the average American. You have a decent job, but you also have $8,000 in high-rate credit-card debt and no savings to speak of. You may not believe that $10 a day can dig you out of that hole. But it can– and in less time than you think.
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