By Amina Isakovic
Here we are in an economic recession, people having to take more and more from their savings, and having to resort to credit cards to pay off their expenses. Interest rates have increased for some people up to high 27%! So what do you do? How do you dig yourself out of his debt, or is there nothing to save you?
First off, you can start by calling your credit card company and seeing if they will lower your interest rate. If not, check out this article on Ask Mr. Credit Card, for repayment plan options. You have to be in a dire situation, and always past due to have the credit card company help you.
Secondly, you have to sit down and figure out how much debt you have where. You have to know which debt to pay off first. Most likely it will be your cards that have the highest balance on it or with the highest interest rate.
And then finally, what if you just can’t pay them off at all, is bankruptcy your last resort? Do you belong to this category? If so, the laws have changed. Make sure you understand which chapter your situation belongs to. Sometimes it helps to hire a lawyer in this case, but this can cost you a lot as well.
Good luck, and in this economy, make sure to save more than you spend.
Articles:
http://www.askmrcreditcard.com/creditcardblog/how-do-you-start-a-repayment-plan-with-a-credit-card-company/
http://www.bankrate.com/brm/news/cc/19980713.asp
http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States
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