Owe No More Debt! Your Personal Finance Guide
Credit card debt is one of the worst things that plagues American families right now. For all of the trouble that the current financial crisis is giving everybody, those with an excessive amount of credit card debt have it even worse. These people are not only in danger of losing their jobs, as everybody is, but they are also at the mercy of compounding interest, and required minimum monthly payments that will continue to grow, as the 20%+ interest rates take their toll and stretch a person's budget. In the long run, cutting or eliminating credit card debt now can save a person thousands of dollars in interest that no longer need be paid.
There are several strategies that people use to try to eliminate their credit card debt on their own. The first of these is definitely to cut up all of your credit cards but one and never use those again. Some people don't realize how bad it can be for their credit to simply have a large number of lines of credit open. Every one of these "pings" your credit for a little bit. And a bad credit score will worsen your problem even more, as the lower trust that a company can have for you will cause them to force upon you an even higher interest rate. You don't need more than one line of credit.