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THE MONEY WELL
Debts credit cards - saving money
Debt Reduction
THE MONEY WELL
Calculate your savings from credit card debt reduction
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Moneywell.co.uk 2006-07
Credit Card
Debt Reduction
                                   What Are My Options?

   1) Take out a consolidation loan at a cheaper rate than your credit cards interest. This can be a very effective way of starting to control your debt problems. It MUST be at a cheaper rate and you should make sure that the loan can be paid off early without significant penalties or interest charges.
If you go along this route then you MUST stop adding debt to your credit cards. Use the loan to clear the expensive debts and then pay off the consolidation loan as soon as possible.

Or (My Preferred Solution)
2)
Pay off your most expensive debts first regardless of the size of the debt. This is the most effective way. By paying off the most expensive debt first you will reduce the amount of interest you are charged more quickly.

Or
Pay off the smallest debts first so you clear them quickly and are encouraged by your success. It may take a little bit longer to pay off your debts this way but it will be very satisfying to see your debts disappear.

Or
Do nothing. Pay the minimum on your creditcards. Take up to 30 YEARS to pay off your debts and never know the contentment of being free of your debt shackles. This isn't really an option anyone would choose is it?
If you do nothing this is the option you are choosing.

Next...> Reduce Your Credit Card Debts
Before you can get out of Prison you must recognise that you are locked inside.  - Anon
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