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Tips to be free of credit card debt.

Filed Under Debt Consolidation Tips

When you are over your head in debt it is hard to imagine ever being debt free, but you can make it happen.  There are some very simple things that you can do to start paying off your debt and even become debt free.  It may take you months or even years to become debt free, but living without the stress of debt is something that is worth striving for.

Here are some ways to become debt Free.
Stop using your credit cards, put them in a drawer or in a container of water and freeze them in your refrigerator and pay with cash.  

If you cannot afford to pay cash, chances are you can’t really afford it anyway.  Only use your cards in the event of a genuine emergency until all of your cards are paid off.

Do not apply for new credit cards or accept offers of additional cards through the post and  don’t accept offers of credit limit increases, just focus on paying off the credit cards that you currently have.

Consider transferring credit card balances with higher interest rates to a card with a lower interest rate but read the small print very carefully.

Workout how much you owe to all of your creditors and implement a payment plan.

Focus on paying off the credit cards with the higher interest rates first.

Look at paying off of the cards with low balances first so you feel you are making progress.

Create a budget so you know how much you can afford to pay off each card and still have money to live.

Every time you pay off a card reward yourself without over spending.

Do not use any of your cards unless it’s a real emergency.

Get yourself a debit card to use for those purchases where you can only use a card.

Pay all your credit cards and bills by the due date to avoid late fees.

Own just one or two credit cards, more is too much of a temptation to most people.

When you get all your credit cards paid off, pay the full balance every month so you know that you are living within your means.

When you pay off all your debts and then pay the full balance on your card every month you will not only be in a better financial position, you will feel a whole lot better and be able to enjoy your life more fully.

Contact us today for Debt Relief

Do you have a problem with credit card debt?

Filed Under Debt Consolidation Tips

Many people don’t realise how much debt they have until they sit down and look at the numbers. 

Most of us are shocked when we realise just how much debt we have and become overwhelmed with the idea of having to pay it off when we are already struggling to make the minimum monthly payments on our credit cards.

If you are not sure if you have a debt problem, there are some simple things to do  which can help you identify whether you have debt problems or not.
Ask yourself some of the following questions.

Do you have very little or no funds in savings because you use all of your money to pay for debts every pay day?

Are you only paying the minimum amount due on all of your credit cards each month?

Do you put more debt on your credit cards than you are paying off each month?

Have you applied for additional credit cards or personal loans and been declined?

Do you maintain your lifestyle by using your credit cards instead of cash?

Are most of your credit cards up to or near their credit limits?

Do you obtain cash advances on credit cards to maintain your lifestyle?

Do you often hide bills and credit cards from your family members?

Are your direct debits being rejected because of insufficient funds in your account?

Are you being charged late payment and over the limit fees by your bank?

Do you get calls from debt collectors and creditors asking for payment?

If you answered yes to some or all of these questions, chances are that you are overcommitted to credit. You need to sit down and do a budget so you know exactly how much you have to put towards your debts after all your living expenses.

If you have not damaged your credit rating you may be able to get a debt consolidation loan and consolidate all your credit cards and other loans into a single loan with a lower monthly repayment.

It may mean that you have to cut back on your lifestyle but it will be worth it in the long term.  When you begin reducing your debt you will feel as though a huge weight has been lifted off your shoulders and you’ll able to enjoy life again!

Contact us today for Debt Relief

Debt Consolidation for Rob and Julie of Blacktown NSW.

Filed Under Debt Consolidation Tips

Rob and Julie (not their real names) approached Debt Control about debt consolidation help after they had been refused a debt consolidation loan by their Bank, Credit Union and another major lender.

Rob was offered a great job interstate so he quit his current job, packed up and off he and Julie went.  The job didn’t work out as expected and Rob was having difficulty finding new employment. 

Rob and Julie were using their credit cards to pay bills and general living expenses until Rob got another job.  Within a few months the credit cards were over their limits and they were behind with the minimum monthly repayments. 

Rob and Julie ended up with over $50,000 in credit card debt, with three of the debts in the hands of debt collection agencies who were demanding immediate payment in full and were not willing the accept a repayment plan.

They were both in employment again but were unable to catch up with repayments and they did not have the $19,000 the debt collection agencies were demanding.  They both felt that if they could consolidate their debts into one loan with one monthly repayment they could get back on track.  One of Debt Control’s friendly, highly skilled debt consolidation specialists discussed their situation with them in detail and were able to consolidate their debts into one affordable repayment of $210 per week.  They could afford the $210 per week and still have a life based on the cash flow budget the Debt Control Consultant assisted them with.

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