What is Debt Consolidation
Credit Card Debt Consolidation
Medical Debt Consolidation
7 Tips About Debt Consolidation
Common Debt Consolidation Mistakes
Debt Consolidation
Risks of Debt Consolidation, Types of Debt Consolidation Loans, Pros & Cons
Balance Transfer or Debt Consolidation?
Debt/Credit Calculators
Discussion Forum
Credit Counseling and You
Non-Profit Credit Counseling
Consequences of Credit Card Default
Effects of Credit Card Default
9 Common Credit Card Mistakes
Eliminate Credit Card Debt in 90 Days
Credit Card Debt
10 Expenses You Can Not Afford If You Have Credit Card Debt
Truth About Credit Card Companies
Should I Tear Apart My $300 Limit Credit Card - The Worst Credit Card Ever?
Disputing Credit Card Debt
401k vs Credit Cards: Where to invest?
Debt Settlement Letters
Sample Letters
Write a Powerful Debt Validation Letter
Reputable Debt Settlement Agreement
Debt Settlement vs. Debt Consolidation
Dangers of Debt Settlement
Avoid Debt Settlement Pitfalls
Debt Relief Tools/Debt Management Programs
Debt Settlement FAQs
Is Debt Settlement Money Taxable?
Reduce Medical Debt
Free Bill Consolidation: Does it exist?
Budgeting to Stay Debt Free
10 Debt Reduction Mistakes
Should I Pay Off my Debt or Save Up for a Down Payment on a House?
Bill Consolidation
Three Secrets to Lowering Your Debt
Tips To Lower Your Bills
Government Debt Help
Debt Help During Recession
Debt Relief During a Recession
What Debt Relief Means
Pay Off $50,000 Debt
Worried About Bills?
Money & Debt Videos
Report Illegal Collection Activity
Managing Medical Bills
Medical Debt & Bankruptcy
The Facts on Debt
Debt Quotations
Drowning In Debt?
Who to pay first?
Managing Debt FAQs
Medical Debt Solution
12 Hot Tips for Eliminating Debt
7 Debt Elimination Mistakes
2 Ways to Achieve Debt Elimination - Debt Snowball Elimination Method
Payday Loan Consolidation
Payday Loan Debt Consolidation
Payday Loan Relief
Default on a Payday Loan?
Payday Loans | Consumer Information
Problems with Payday Loan Stores
Bad Credit Loan Relief
How Payday Loans Work
What is Loan Consolidation?
How to get a $50,000 loan
Get an $80,000 Loan
$100,000 Loan for Debt Repayment
Veteran's Home Loan Refinance Options
Government Loans vs. Private Loans
Finding a Government Loan
Student Loan Consequences
Reputable Debt Consolidation Companies
Debt Consolidation Company Reviews
Reputable Debt Management Companies
List of Debt Companies in USA
Debt Companies By City
How Debt Affects Your Credit
What is shown on my credit report?
Improve Your Credit Score
Correct Credit Report Errors
Can Debt Settlement Ruin Credit?
Can Debt Negotiation Ruin Your Credit?
401k Limits
Safe CD Rates
Financial Planning
Banks versus Credit Unions
AMEX Horror Stories
IRS Tips For Audit
Choosing a Tax Preparer
American's not planning for long term care
Understanding Usury Laws
Unemployed During A Recession
FREE Government Grants
Where does money really come from?
About Us
Contact Us
6 Payday Loan Debts Owe
Borrow a Loan to Pay Off Payday Loan?
My husband was out of his job and Payday Loans were rolling over

Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

When Is Your Credit Card Debt Too High?

(June 4th, 2007)

You know your credit card debt is too high when you have to spend more than 20% of your take-home pay towards paying off the interest + original principal balances on your credit cards. You must think of it in terms of your take-home pay, because that is the amount you actually have to spend (after paying off taxes). John Ventura, a Principal at Center for Consumer Law (University of Houston Law School) quotes, "If you are not able to pay a credit card off within 12 months, which means making a lot more than the minimum payment, then you are not financially sound in your financial dealings. You have too much debt."

He adds, "You have to take an attitude of aggressively reducing it, and that entails sacrifice. That means buying just what you need instead of what you want. You have to be really aware of what you are spending -- going to Starbucks or buying cigarettes."

Top 10 Indications that You Carry too Much Credit Card Debt

1) You have to make garage sales down your basement to raise money for credit card debt payments

2) You take a Cash Advance (Payday Loan type) from one credit card to make a payment to another credit card

3) You're still paying for restaurant meals that you cannot remember.

4) You have no money in any form of Savings accounts.

5) You rely severely on your credit cards to help you save for retirement and put money in a 401k plan

6) You use your credit card to pay for groceries, foodstuffs, utilities, clothing, etc.

7) You don't know how many coffees, teas and cupcakes you purchase every week.

8) You don't remember what you purchased on your credit card last month.

9) Your FICO score is less than 650.

10) You can't remember the last time you had zero balances on your credit cards.

Do you indeed carry too much credit card debt? Here are a few articles that will provide useful insight to help you reduce debt:

i) Do It Yourself Debt Reduction

If you are committed to reducing your debts and are willing to cut down on unnecessary expenses, it is indeed very possible to succeed in what's called a "Do It Yourself Debt Reduction" plan. Why do you need to go out and pay debt counselors or credit counselors big hefty fees when you can reduce your debts on your own? In this page, we will articulate the steps required for a successful debt reduction plan:

ii) Fastest Way to Eliminate Credit Card Debt - No It's Not Debt Consolidation

The fastest way for you to eliminate credit card debt is to eliminate the big profit generator for credit card companies, and that is, late credit card payment fees and over-the-limit fees. Yes that's right, did you know that in the fiscal year 2006, 31% of the the credit card industry's profits or operating income came from late payment fees and over-the-limit credit card fees? Are you part of an average American family? Then you probably possess $8000 worth of credit card debt and guess what? If you make only the minimum monthly payments required on the debt, it will take you a whopping 30 years to pay off only $8000 worth of credit card debt! What's more, you will end up paying more than $22,000 in interest rate charges.