Welcome to Universal Wealth Creation.com

This site have been developed as a resource for people

searching for the best ways to create wealth and increase the

quality of their lives. Inside you will find reviews of the latest

Investment strategies available.

Wealth Creation

Home Page

FINANCE SITES

AFR
AFR BOSS

AFR Photos

Asset

BRW

CFO

Fairfax Photos

Fairfax Research

Leverage

MIS

MoneyManager

Personal Investor

Shares

Tradingroom

Business & Finance Articles

The best strategy to erase credit card debt
By: Bill Smith

Credit card debt is a growing sickness in the United States and Europe. It is very important to eliminate debt and take control of your financial health.

In the below section, I have listed the best strategy to erase credit card debt. This strategy is tried and true and often recommended by financial planners and debt consolidation firms.

In an Excel spreadsheet list all your credit cards, balance, credit card interest rate and minimum payment from your most recent credit card statement. If you are not computer savvy, you can list them on paper.

Sort the list in ascending order of interest rate so that the credit card with highest interest rate is at the top and the credit card with lowest interest rate is at the bottom.

Make a count of minimum payment of all the credit cards in the list you just created.

Now calculate how much money you can save to pay off your credit card debt and become debt free. If you cannot pay off more than the minimum payment, it is time to do some budgeting to save more and pay towards your credit cards.

Each month pay off the minimum on all your credit cards. However, on the credit card with the highest interest rate, pay the minimum plus the additional amount you have saved to pay off your credit card debt.

Continue to follow this strategy until the credit card with highest interest rate is completely paid off. In a similar manner, work on paying off your second credit card but remember to make minimum payments on the remaining cards.

Besides the above golden strategy, you can call your credit card companies to request for a lower interest rate. Due to stiff competition, many of the credit card companies will readily agree. Lower interest rates mean you can pay off your debt much faster.

In some cases, credit card companies will not be willing to reduce your interest rate. This might be a good time to hop on the internet and do some research on credit cards and get a new low interest card. Many companies will allow you an introductory rate for your new credit card.

Ameri debt services provides debt counseling, debt consolidation and debt management to customers. Visit us at http://www.ameridebtservices.com for free debt counseling tips, free debt consolidation articles and non profit debt management services.

About the author:

"@Copyrights 2005" - Bill A Smith is a debt consolidator for Ameri debt consolidation services. Bill has over 10 years of experience in providing debt consolidation, debt counseling and debt management services to clients.

Circulated by Article Emporium

http://www.universalwealthcreation.com Wealth Creation | Financial Wealth

Copying or republishing this article is permitted with this footer included

Collect a Free 260 page ebook here: Universal Wealth Earn up to $1,000 per referral: Wealth Creation Affiliate

These property, finance, stock market & business articles have been supplied in the interest of Universal Wealth Creations visitors who want to expand their knowledge in the wealth creation & investment fields. All the business, finance, stock market & business articles have not been read as they are submitted remotely, so if you find any questionable facts in here or simply do not like it, please email webmaster@universalwealthcreation.com and we will review the material. As we find time to do so, we will go through all articles and remove any that appear not suitable. Other sites we recommend here at Universal Wealth Creation are: 21st Century Academy with Jamie McIntyre, Investor Finance, Universal Trading Solutions which promotes great wealth creators like: Kim Reilly, Simon Martin, Justin Beeton, Louise Bedford, John Kaye, Daniel Kertcher & more. They run great seminars across the country. At times we will publish dates for these seminars as they are made available around the counrty. Meanwhile, there is a great opportunity to learn about the finance, stock market & property investment field through reading these kind of articles. Learn about share trading, options, futures, CFD's, derivatives, warrants, indices & more in the stock market. You will also learn plenty about business, finance & property investing through authors opinions in the marketplace. Enjoy your journey towards financial freedom. We hope you will enjoy your visit.

Regards Sean Rasmussen - Universal Wealth Creation Pty Ltd

Site Map

Return to Index
Return To Universal Wealth Creation Home Page

Business & Finance articles