Consumer Credit Counseling

1. Make biweekly payments to reduce credit card debt.

Here is how it works: If you carry a balance on your credit card banks typically charge you interest on a daily basis. Lowering your balance means that over time you pay less interest. Submitting half payments every two weeks rather than a bigger payment once a month can reduce credit card debt.

2. Pay more than the minimum payment each month to reduce credit card debt.

3. Get a system for credit card debt reduction.
You need your own deadline each month for paying bills. There are great software programs for keeping track of your financial records.

4. Negotiate with credit card companies to reduce credit card debt.
The amount of credit card debt in this country has made creditors realize that if they don't want people backing down from their obligations completely (in other words, if they want to get any money back), they have to make deals, like these:

Option One: You inform the bank's collection department that you're having financial difficulties and need to have your interest rate lowered, simple as that. They say, "What can you manage?" You tell them. (I recently got one account to lower my rate to 10 percent and cut off future finance charges.)

Option Two: A credit card company has offered to pay off all your old credit card debt at nine percent if you transfer your balance. Call your old credit card companies and tell them you have offered a deal to reduce your credit card debt; ask if they can do better, and go with whichever is lowest.

6. If you are on a limited budget for debt reduction, write letters to each of your creditors acknowledging the situation, and tell each one when you can begin repayment. They'll appreciate your openness and likely be a lot nicer to you.

7.  If you have over $20,000 in unsecured debt it would be financially prudent for you to consider debt settlement as a way to reduce credit card debt. There are licensed debt settlement attorneys that specialize in negotiating with credit card companies.

We provide free debt help and know where to locate the top performing debt settlement law firms in the country. Call us 1-888-502-3907 for more information and a referral.