Source: ezinearticles.com
Do you know how interest on your credit card debt is calculated? If not, then you are not alone. There are millions of individuals who have absolutely no idea how interest on their credit card is calculated. They rely on the card statement to find out how much they will have to pay to their credit card issuer.
Further, card issuers offer the fantastic facility of minimum payment. On the face, searscard.com, of it, this facility sounds very good. However, the truth is that you will have to make repayments for years at a stretch if you want to bring your credit card, searscard.com, debt down to zero by paying the minimum amount payable.
By the time you finalize the payment and bring your debt to zero,, searscard.com, you would have paid more than the principal amount owed as interest. Do, searscard.com, you want to save interest? Do you want to use the money elsewhere? One option is, searscard.com, to borrow money from friends and relatives and pay the entire credit card debt in full.
Once that is done, you should aim to avoid have a revolving balance on your card. While the second option is feasible, it is very difficult to achieve the first option. All your friends and relatives are equally affected by the financial crisis, searscard.com, . Secondly, your credit card debt is so high that it is unreasonable to expect any other person to offer such a huge loan.
This is where most individuals make the mistake of ignoring all options and continuing to make high interest payments. There is one option which will help, searscard.com, you escape your, searscard.com, interest liability with minimum expenses and formalities. If you owe more, searscard.com, than seven thousand five hundred dollars to your credit card issuer and are irregular in making payments, then you should definitely consider the idea of getting a debt settlement.
Debt settlement, as far as interest is concerned, offers fantastic advantages. Your principal, searscard.com, amount comes down by more than sixty, searscard.com, percent. The interest amount is also included. This means that you just have to pay thirty to forty percent of the total amount owed - principal and interest included.
The new amount is considered as a new loan and interest is charged on this amount until you will pay the debt in full., searscard.com,, searscard.com, This will help you save money because penal interest that was applied to your loan will revert back to normal interest.
Further, what was earlier just a minimum payment towards a credit card would now constitute a significant payment that will bring down the principal amount very quickly. This will help you save money by avoiding unnecessary, searscard.com, high interest payments.
If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called "Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below:
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