Reducing Credit Card Debt- Made Simple

One of the best things to do is
to make a decision of reducing credit card debt that you may carry. Plastic cards were designed for instance only: to encourage people to make
minimum payments so that they can
be indebted for a lifetime! So
cut up those cards. Retirement wasn’t’ meant to be slaving over credit card



Below are highly effective
strategies to wipe out debt:

One method to reduce debt is
the “roll-down” method. In lieu of
paying merely the minimum on
multiple charge cards, pay at
least the minimum on all plus extra for
the card while using highest rate of interest. This pays
off that debt quicker, reducing the interest paid on that account.

Once that card does not have an
outstanding balance, apply the excess amount to the credit card
with the next highest interest, and continue until all high-interest cards are cleared. Reducing large outstanding balances will raise
your credit score.

Another strategy that you can
legally employ is named Statute
of Limitations
. Lenders
only have a selected period to
collect on a debt. In case they don’t collect for whatever reason, then you’re not required to pay it
back. This timeframe varies from state to state.

If the debt is much older than the statute of limitations, remind the debt collectors about this law so that they will not annoy you with an uncollectable debt. The the original creditor or assigned collection agency can’t collect by you
if the SOL is expired.

Debts usually disappear from your
credit report after 7 years. In the event the debt will not be paid
for 7 years, it wouldn’t
legally remain your credit
report. You can challenge this
listing in your credit report and
it will be removed. This is another
technique that can eliminate a debt.

In fact, you can consider
yourself “free” when the
debt is erased from your credit report. This means that you may stop worrying about the debt. If the
debt collector tries to sue, the courts will throw the case out because the
debt has passed the SOL.


By utilizing the
above strategies, you’ll get
out of debt faster. For anyone who is struggling with excessive debtBusiness Management Articles, you really should seek free advice from a debt consulting company to ensure
that reducing your consumer
credit card debt will be less difficult.


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