Credit Card Debt Elimination
Procedures for credit card debt elimination are relatively simple. The hard part is to remain determined to see it through fruition. Procedures for credit card debt elimination are found in many debt information sites. However, the procedures for credit card debt elimination are not detailed because the companies' services would then not be needed. A self-motivator, determined and disciplined, can accomplish the procedures for credit card debt elimination individually.
The first step of procedures for credit card debt elimination begins with an analysis of the entire accumulated debt. A list of all credit card accounts needs to detail account number, company name, current balance, interest rate, due dates, and comments, such as the status of the account - past due or current. The next section will detail all other financial obligations using the same detailed analysis. The final section lists all utilities and other normal monthly expenses noting any unusual debts or commitments.
Next in the procedures for credit card debt elimination is to highlight the credit accounts with the highest interest rates - these are the first to be paid off. If there is any mortgage company or other credit company who has offered a lower interest rate on transferred balances, this is a good time to apply and see if they will consolidate at least two, but preferably more, of the old credit card debts. This new account will be maxed right away with two or more credit accounts accepted in transfer, but that positive move will eliminate the temptation to use it for new purchases. Any cards sent for this new account should be destroyed as soon as they arrive, as should any checks that follow. Any accounts not consolidated (and this new consolidation loan) should be listed in ledger format, listing the highest interest rate account at the top and the rest in descending rate order. This is the order in which they will be paid off.
The procedures for credit card debt elimination then analyze expendable income after deducting the monthly utilities and living expenses. This most extreme of the procedures for credit card debt elimination divides the expendable income by percentage between the accounts determining the payment amounts. The key is to eliminate one account at a time starting with the highest interest account by applying 50% of the available income to it each month. The remaining income is divided equally between the remaining accounts. While some accounts will not be receiving payment amounts as scheduled, it is important to advise the company that procedures for credit card debt elimination are in effect, and that their account will soon be receiving the highest percentage and will be paid off in its turn. Although they may continue to charge fees, firm resolution is required, acknowledging the account would have soon been in arrears if left as before. These procedures for credit card debt elimination will eventually eliminate the account in full, including all fees - the most rewarding payoff of all.