Finding yourself in trouble with credit card debt is a secret many suffer with in silence. And in that silence, people are often embarrassed to ask for help. Seeking the right solution to a bad situation is not the sign of weakness. Not asking for help and ignorantly picking the wrong solution is.
Let me be brutally honest as someone who once struggled with credit card debt myself, the moment you are honest with yourself you are in trouble with credit card debt it’s easy to become paralyzed with fear. I’ll never forget my sleepless nights of uncertainty, not knowing what to believe or who to trust, and fighting to just not mentally shut down.
From my experience in dealing with my debt, I went on to help others facing the same issue. From my years of observation, I discovered the biggest mistake people universally make with problem credit card debt is picking the solution before understanding the pros and cons or figuring out if the solution they favor will actually be the best tool to use. Every situation is different and so no one solution is right for everyone. In fact, bankruptcy is a great solution even though people carry all sorts of urban myths and irrational fears about filing bankruptcy. Then there are options like credit counseling and debt settlement. But which should you select?
To help shed some light on what the different options offer I put together this Get Out of Debt Calculator. You should absolutely use it to get some clarity on solutions.
You don’t have to give any information about yourself to use it.
When it comes to dealing with your credit card debt, the best advice is to remember that unless you are a consumer debt expert, you are the least qualified person to make good choices about dealing with your debt unless you research all your options. Once you know the facts, then you have a much better chance of making good choices for a better future.
Trying to get out of credit card debt is like trying to get over a drug addiction. Getting into credit card debt is fairly easy—it makes you feel good to buy things. Then your balances start to creep up higher and higher until you're paying $50 a month ($40 of which might be the minimum) just so you aren't totally maxed out.Read More...
If you have any kind of financial problems—and if you’re here, I assume you do—it’s not a bad idea to get a copy of your credit report. This can by an eye-opening experience. Your credit card debt may be higher than you thought, and debts you paid off that you forgot about will probably show up, too.Read More...