Category Archives: Credit Card Debts

How to Reduce Credit Card Debt Over Summer Vacation

Couple shopping online

Many Americans take the freewheeling notion of summer as license to spend without thinking. With spending rising precipitously over the summer-especially during vacations-credit card debt can quickly get out of hand. Financial stability plans are disregarded in favor for spontaneous road trips and accommodating surprise visits from family or friends, meaning vacations are not only expensive but financially debilitating.

In fact, many financial advisors recommend that extraneous expenses such as trips, nice meals, and large purchases be accounted for in your budget. Unfortunately, unplanned spending on a credit card with a high interest rate not only makes it easy to lose control of your money, but can quickly spiral into insurmountable debt. To avoid falling into a precarious financial situation this summer, learn how to reduce credit card debt effortlessly, courtesy of Financial Solutions of America.

Girls night out

High Spending During the Summer Months

Vacation costs can vary wildly based on the consumer-some prefer to stay at upscale hotels, while others prefer to lodge in budget-friendly motels and prioritize thrifty options. However, in either case, vacation costs can add up very quickly. Considering the cost of travel, lodging, dining, and entertainment, domestic trips can amount to an average of nearly $150 per day, with international travel running up to as much as $300 per day.

There are many factors that determine how much a summer vacation will cost. Statistics show extreme disparity in vacation costs depending on the age of the vacationers. For example, people approaching retirement age are found to spend an average of four times as much on their vacation as compared to people in their mid-20s. Though this can possibly be attributed to travel accommodations designed for greater comfort and convenience, both age groups are susceptible to increasing debt and diminishing capital.

Holiday shopping spree

Vacation Costs Rising Every Year

Due to general inflation and the steadily rising prices of hospitality services, vacation costs are at a record high. According to ADI’s 2016 Travel Report, spending on flights and hotels in the U.S. is expected to increase by 5.5% in 2016. In the last year, Americans spent nearly $82.9 billion on vacation, with the majority of that spending occurring over the summer. Summer holidays have proven to be enormously costly on average as well:

  • Memorial Day weekend: $3.05 billion
  • Fourth of July weekend: $3.22 billion
  • Labor Day weekend: $2.92 billion

While spending money during a vacation isn’t a problem in itself, the trouble comes when people deal with the costs by accruing credit card debt. During the early stages of planning your vacation, make sure that you’re fully aware of your budget and only use your credit card when necessary. With vacation-related expenses expanding at a faster rate than economic inflation, you can face tough financial challenges if you don’t know how to reduce credit card debt. Before you embark on your summer vacation this year, make sure you know the basics of how to eliminate credit card debt.

Sailboats at sunset

Where You Lose the Most Money

If you can limit yourself to a single vacation over the summer, you’ll have an easier time keeping an eye on costs and managing your budget. Many Americans make the mistake of carefully planning one vacation and sticking to their budget, only to compromise their careful spending with an impromptu second vacation. When prioritizing financial stability, it’s always a good idea to vacation with a specific plan to keep spending under control.

Additionally, international flights are guaranteed to quickly diminish your vacation budget since you’ll need to allocate more funds to travel costs. Although travelling to distant locales may be tempting, it’s crucial to understand that proper budgeting and saving for a larger scale trip are fundamental to being able to afford expensive airfare. One way to save on your summer trip is to find a destination that not only resembles your standard of paradise, but is also closer to home than you would expect.

Key to knowing how to reduce credit card debt is being aware of your financial situation and any existing debt before you leave on vacation. Starting off in the red means that you will be in a more pressing predicament as soon as you arrive back at home. To avert any chance of financial instability, achieve a degree of financial freedom and establish a strong footing before you set off to relax.

Mediterranean vacation

Average Vacation Cost: Domestic vs International

A quick look at the average cost differences between domestic and international travel can help you make your vacation plans:

  • Transportation
    • International: $1,755
    • Domestic: $224
  • Lodging
    • International: $683
    • Domestic: $150
  • Food
    • International: $520
    • Domestic: $155
  • Entertainment
    • International: $293
    • Domestic: $52
  • Cost per day
    • International: $271
    • Domestic: $144
  • Total
    • International: $3,251
    • Domestic: $581

Wallet with money

How To Know Whether You’re Mismanaging Your Credit Cards

There are strong indicators that reflect if you’re poorly handling your credit cards, and if any of them apply to you, it is probably wise to seek greater financial stability before planning your next vacation. The most outright sign is if you own more than a couple of active credit cards that are all accruing monthly interest. Given that many people reach their credit limit before paying off their debt in full, consider reevaluating your spending before applying for another credit card.

The most important thing to consider before you make excessive charges to your credit card is your interest rate. Using high interest rate cards that you can’t pay back immediately is a very dangerous practice. As a foolproof strategy for how to eliminate credit card debt, simply avoid high interest cards; however, if you already own one, be sure to pay the balance in full immediately.

Another warning sign of impending credit card trouble is when you only pay the minimum on your balance. While this may sound appealing, it puts you at a great disadvantage because the balance that remains unpaid gains interest. Essentially, your monthly bill will continue to expand while your credit score falls.

Working with calculator

Recognize Your Vacation Spending Habits

Credit card debt rarely builds up simply because a person is unintelligent or low on funds. In fact, the majority of American credit card debt exists due to accidental money mismanagement. With a few simple adjustments to your vacation spending habits, however, you can learn how to reduce your credit card debt for good.

If you have a job that offers Paid Time Off (PTO), then this is the best way to significantly cut costs during your vacation. With some careful planning, you may break even upon arriving back at home, rather than facing a daunting amount of credit card debt.

By planning your vacations around federal holidays, you can capitalize on time while ensuring that you aren’t missing out on extra work hours. Likewise, taking unpaid time off of work can be a detrimental blow to your finances, since you would inherently be losing money rather than earning it during that time. Decrease your likelihood of falling into new debt by maximizing your PTO and taking very few additional days off.

Kids playing outside

Give the Kids a Vacation of Their Own

There are many advantages to sending the kids off for an activity of their own during the summer break. Whether you send them off to summer camp or to stay with their grandparents, they can enjoy their time away from home with a variety of new and exciting experiences. Simultaneously, you can relish the time away from the responsibilities of parenthood to enjoy your own hobbies and interests. Splitting up your vacation in this way can also help relieve costs.

You can make vacation budgeting a family learning moment by introducing monetary insights to your children and helping them to understand the importance of financial stability. If they’re old enough for the lesson, take the opportunity to teach your kids how to eliminate credit card debt by minimizing vacation costs, taking a shorter vacation, and reuniting at home for quality time.

Making a budget

Planning Ahead Welcomes Financial Freedom

Any financial advisor is likely to give similar feedback when asked how to most efficiently manage money: budget and plan ahead. Funding a summer vacation can be less stressful if you begin saving money in advance. Setting money aside each month can result in a decently sized fund that can take the financial burden off of vacationing. If you’re looking for how to eliminate credit card debt before you embark on a vacation, planning ahead and being prepared are critical to your financial health.

As you narrow down your vacation options, you can also make a cost spreadsheet. Determine how much you will need for travel, lodging, and food, among other miscellaneous costs. Visualizing your expenditures before spending money can help you decide whether or not the trip is worth the cost. If it isn’t, you’ll still have plenty of time to re-budget or explore more options.

Furthermore, searching for airfare deals before it’s time to purchase a flight is a surefire way to save money and help reduce debt. Since airlines typically offer promotional deals throughout the year, find out which destinations are being offered at a reduced rate during your projected vacation time. By planning around deals, you can free up your budget and enjoy financial stability during your vacation.

Organized desk

Budget with Financial Tools

There are many exciting ways to get a handle on your finances. Thanks to a wealth of new financial resources, you can easily plan your budget online. One way to effectively learn how to reduce credit card debt is to start with all of the numbers in front of you. Sometimes hidden costs and forgotten charges can wreck your budget, but by mastering your finances with budgeting software you can ensure that your bank account is kept in the positive with ease.

Planning a vacation

Develop a Sound Strategy

Whether you are planning to vacation this summer or not, your finances will greatly benefit if you know how to eliminate credit card debt. Prioritize paying off all accrued debt by starting with the balance with the highest interest rate. This will keep your debt minimal, as compounding interest rates can quickly double or triple the initial amount.

Depending on your creditor, research whether you can negotiate to lower your interest rate or receive an extension on your due date. This can not only help you to avoid hefty fees, but can contribute to a lesser monthly payment. Taking the initiative to negotiate may demonstrate to your creditor that you’re proactive about your debt and pragmatic about paying it off as soon as possible.

As you begin planning for this summer’s vacation, research your expected costs, create a reasonable budget, and aim to restructure any extraneous activities with cost-efficient alternatives. Proper money management will increase your peace of mind and allow you to more fully enjoy your vacation. For more information on how to reduce credit card debt, reach out to Financial Solutions of America today.

How American Credit Card Debt Has Changed in the Last 5 Years

This infographic provides an understanding of what changes in the American economy since 2010 might mean for credit card debt.

How American Credit Card Debt Has Changed in the Last 5 Years

 

Transcript:

How American Credit Card Debt Has Changed in the Last 5 Years

At Financial Solutions of America, we recognize the value of putting your own debt situation in context and being aware of the bigger picture. To get an understanding of what changes in the American economy since 2010 might mean for credit card debt, consider these statistics:

  1. The average American in credit card debt as of January 2015 owed over $2,000 less than the average in January 2010.
    As expected, consumer debt has improved with the economy in the past 5 years.
  2. The biggest yearly decrease in debt (about $3,000) was between January 2010 and January 2011.
    Credit card debt began to decrease as the nation recovered from the Great Recession, which officially ended in 2009.
  3. In the second quarter of 2010, the charge-off rate was 10.9%.
    The huge decrease in credit card debt that occurred in 2010 was mostly due to credit card companies writing off unpaid debts.
  4. The percentage of households with credit card debt increased over 3% between January 2010 and January 2011.
    It seems as though the high charge-off rates, as well as a slow rate of economic recovery, encouraged more consumers to borrow in order to meet their needs.
  5. The biggest yearly increase in debt (about $500) was between January 2014 and January 2015.
    The recent increase in credit card debt likely has to do with credit card companies letting consumers borrow more freely, while also becoming more strict about collecting unpaid debt since the high charge-off rates of 2010.
  6. The proportion of households in debt has remained at around 46.7% over the past 4 years.
    Considering the slow climb of average debt amount in the past year or so, it could be that the rate of consumers falling into credit card debt is faster than those getting out of it.
  7. As of July 2015, the average indebted American’s outstanding balance is $15,863, while average student loan debt is at $33,090 and average mortgage debt is at $156,584.
    Credit card debt ranks third, behind student loan debt and mortgage debt, in sources of indebtedness for Americans.
  8. The average debt across all American households is $7,400.
    The average is significantly lower when including households not in any credit card debt, suggesting that most of the American population owes a relatively small amount.

Financial Solutions of America is ready to help you settle your credit card debt. Contact us to learn how our settlement programs can help you out of debt in as little as 12–24 months.

Source: http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/

5 Creative Ways to Cut Credit Card Debt

cutting credit card debtWhen it comes to cutting credit card debt, there are a ton of different ways to do it. You can deal with lenders and credit card companies on your own, or you can hire a group of professionals to do that kind of legwork for you. Either way, it’s important to know that cutting credit card debt is an attainable goal. Still, one must understand that doing this requires some relatively long-term changes. Here are a few creative tips to help you change your life and your relationship with money in a way that will help you in your goal towards financial freedom.

  1. Start a Very Thorough Budget

If you’re working on cutting credit card debt, you might not be budgeting your money as well as you should. Don’t let this become something that stresses you out, though. Start by setting up a monthly plan for how much you’ll need in order to take care of your bills, food, entertainment, and other financial responsibilities. Don’t forget that this is to be a living, breathing document that you’ll adjust every month.

  1. Track All of the Expenditures!

As you work on keeping your thorough budget, make sure you track every expenditure. A big part of cutting credit card debt involves knowing where all your money goes. If you keep track of every dime you spend, you’ll be able to tighten the belt in ways that inspire long term change down the road.

  1. Gameify Itcut debt

If you’re working hard to change your spending habits and rid yourself of credit card debt for the long-term, why not make it into something that’s a little fun? Find ways to reward yourself when you have an especially good week. Set budgetary thresholds, and work to stay below them. See if you can find creative ways to set daily, weekly, and monthly goals for yourself, making it easier to get yourself out of debt for good.

  1. Strike All Unnecessary Spending

Once you’ve made yourself a budget and have started to track your spending, try cutting out the spending that you don’t absolutely need. Maybe you can go without your Netflix account for a few months. Perhaps one less trip to the movies will do your wallet good. Either way, with a budget and better money-tracking, you should be able to figure out where you can cut unnecessary money-spending, which goes a long way when it comes to cutting credit card debt.

  1. Change the Way You Eat

Food is a big way that people spend money without realizing it. Start cooking more meals at home, and start buying cheaper foods. Farmer’s markets are great places to find high-quality meats and veggies that won’t cost you a fortune. Even your local grocery store will have produce that doesn’t cost you an arm and a leg. Try eating cheaper and you’ll be able to spend more money than you might have thought!

Getting rid of credit card debt doesn’t have to be impossible, and with these five tips it just might be a bit easier than you thought!

The ABCs of Credit Card Reduction Services

When it comes time for you to rid yourself of your credit card debt, there are many different ways to go about it. With so many choices to make, the process can be a little daunting, and very nerve-wracking. Fortunately, knowing about the process can help you make the most well-informed decision possible, which will hopefully put you on the path to financial freedom once and for all. Getting yourself out of debt for good is totally possible, so we’ll talk about a few of the things you’ll want to know when you’re looking for credit card reduction services to help you out.

credit card negotiationCredit Card Reduction Services are Here to Help!

That’s right: you don’t have to go about working down your credit card debt on your own. Organizations who provide credit card reduction services will help you get your debts worked out, and might even help you save money in the process. We’ll talk about a few of the basic things you’ll need to know about the process.

Always Look for Positive Reviews

It’s important to validate credit card debt reduction companies based on the reviews that they have to their name. It’s important to find reviews that are clearly from real human beings. Yelp is a great place for this, though not all credit card debt companies have a Yelp page. Finding good testimonials from real people shouldn’t be a challenge, though: when people are saying good things about a company, that company wants you to know.

Prominently-featured customer reviews usually indicate that a company is confident in their good standing within the industry.

credit card reduction servicesLook for a Well-Established Organization

There are a ton of organizations who provide credit card reduction services, but you want to be looking for one that has a well-established reputation in the industry. Not only does this mean that you’ll be able to trust their work with more confidence, but it also tends to mean that these companies will have an established relationship with your lenders. Credit card reduction services go much more smoothly when the organization conducting them has worked with the credit card company in the past, which is why you’ll want to find one that’s been around for a decent enough amount of time.

Working your way out of credit card debt doesn’t have to be impossible, especially if you’re going to have a professional organization help you out with the process. Knowing these important tips can help you make sure you wind up working with the best possible organization as you go about finding your path to financial freedom.

5 Facts You Didn’t Know About a Debt Settlement Agreement

debt settlement agreementWhen it comes to settling debts—especially the credit card type—the process can be as daunting as it is time-consuming and just plain obnoxious. If you’re finding yourself contending with some serious credit card debt, you’re absolutely not alone. Many Americans deal with credit card debt in a very serious way, which means that a lot of people find themselves working to get out of debt. We’ll talk about a few things that you might not have known about your debt settlement agreement.

1. You Don’t Have to Make It on Your Own

One of the best-kept secrets about debt settlement is that you can have some serious help when you’re going through the process. You can always work with credit card companies and other lenders on your own, but you can also hire professional organizations whose job it is to work with these companies to take care of your debt settlement agreement. These companies often have long-standing relationships with credit card companies and lenders, which makes the process go a lot more smoothly.

2. Lenders Will Work with You

Many individuals that are going through the debt settlement agreement process find it pretty surprising that credit card companies will work with you when it comes time to settle your debts. They understand that your financial situation isn’t the most secure, which is why you will often be able to set up payment arrangements, among other things that will make it easier for you to take care of your debt.

3. Your Story Is Very Importantdebt negotiation services

When it comes time for you to interact with your lenders, it really matters what you tell them about your life and your financial situation. If you imply that you’re only working with a limited amount of money, your lenders might be willing to accept a smaller payment, or to make an arrangement that allows you to more easily pay off your debts. Don’t underestimate the power of your story when working on your debt settlement agreement.

4. Consolidation Can Be Key

Debt consolidation is a great tool for those looking to get themselves in a position of financial security. This is when you work with an organization to pay off multiple debts. Then, instead of dealing with several lenders, you’re only dealing with a large sum of debt with one organization. Debt consolidation can make it much easier to pay down the money that you owe.

5. Don’t Be Afraid to Negotiate

Many are afraid that credit card companies and other lenders are set in stone when it comes time to dealing with serious debts. This could not be further from the case. You’re a human being, and so are the people on the other end of the phone. By negotiating with your credit card company or lender, there are a lot of ways that you can work down the total amount of the debt that you owe.

Credit card debt is no fun, but with these tips, you might very well have an easier time dealing with your debt settlement agreement than you have originally thought!

10 Little Known Debt Statistics You Won’t Believe

We have made an infographic to show you the numbers regarding the state of debts of Americans. Check out the results below:

10 Little Known Debt Statistics You Won

Transcript:

10 Little Known Debt Statistics You Won’t Believe

Americans have a staggering amount of debt that is rooted in multiple causes. As debt settlement experts, we here at Financial Solutions of America think it is crucial to be aware of the state of debt throughout the country. Learning how debt builds on a large scale can shed some insight on your own personal debt, and aid you in the discovery of your own financial solution.

1. The average American is more than $225,000 in debt.

This includes a variety of debt types like student loans, car loans, mortgage loans, and credit card debt.

2. 76% of Americans live paycheck-to-paycheck.

Most Americans do not have enough money in their savings account to pay for 6-months’ worth of expenses.

3. Over 3.5 million Americans work for minimum wage or less.

Minimum wage has increased 50% from a decade ago.

4. Those earning higher incomes tend to have more debt.

Contrary to what might be expected, those earning more than $50,000 annually tend to have deeper credit card debt.

5. The average household in the United States has at least $15,000 in credit card debt.

Many Americans use credit cards to pay hefty bills, like medical care. Making minimum payments leads to rocketing interest rates.

6. An average of 12%-18% more money is spent when you use credit cards.

It’s easy to lose track of how much money you’re spending when it goes to a credit card bill. On top of that, you pay for interest rates and processing fees.

7. College graduates in the United States owe an average of $29,000.

As college tuition prices rise, so do student loan debts. Both have been on the rise since 2011.

8. The national outstanding student loan debt is increasing at about $2.853.88 per second.

As college tuition increases, financial aid and grants are harder to obtain. Those who do receive help often only receive partial aid and still have to take out loans to cover the rest of their tuition.

9. Median household incomes have decreased by 7.3%.

Increased unemployment rates is the greatest influence at work in this statistic. Many occupations that were formerly mid-wage jobs are now becoming low-wage jobs.

10. The IRS held $760 million in unclaimed tax refunds.

2014 saw $760 million in unclaimed tax refunds from an estimated 918,600 taxpayers.

If you are having trouble keeping up with debt, get in contact with Financial Solutions of America. We can help you settle your debt within as little as 12–24 months. Contact us to learn more about our debt settlement program.

Lower Credit Card Debt in Five Easy Steps

lower credit card debt - Five Easy StepsCredit card debt is nothing new these days. Plenty of us have found ourselves owing money to at least one credit card company, especially after the Great Recession. It’s particularly tough, too, to make payments on credit card debt while still taking care of family, work, and a home. The good news is that companies like Financial Solutions of America dedicate themselves to helping people lower credit card debt once and for all. We’ll talk about a few of the steps you can take on the road to financial freedom.

  1. Consider Consolidation

One of the strategies that plenty of individuals consider when it’s time to seriously lower credit card debt is called consolidation. This means that you get another lender or organization to pay off several of the debts that you owe. Once this has happened, you owe a single sum of money to a single lender, instead of having multiple credit card accounts that you’re responsible for paying down. This can simplify payments and reduce interest, a great option whether you’re interested in debt settlement in Albuquerque or any other part of the United States.

  1. Create a Budget and Stick to It

When you’re working to rid yourself of credit card debt, it’s important to remember that you must be sure to eliminate the habits and patterns that put you in that debt in the first place. Getting out of debt is one thing, but making changes that will keep you out of debt in the future can often be another matter entirely. It’ll help if you make a good budget, and stick to it. This will help you to practice the restraint you’ll need to change your financial situation for good.

  1. Cut Out Any Unnecessary Expensescredit card debt help

As you work on making your budget, decide which expenses you can cut out. A great way to lower credit card debt is to stop paying for things you don’t actually use or need. Maybe you can forego your Netflix account for a few months or set a period of time where you don’t eat out. Eliminating extra costs will help you focus your money where you need it most.

  1. Work with the Professionals

Many individuals work with an organization like Financial Solutions of America when it’s time to seriously lower credit card debt. Companies like FSOA work with individuals who need help figuring out difficult credit card debt situations by using their long-established relationships with a lot of the industry’s leading credit card companies and lenders. Sometimes this solution is best for individuals busy with family lives; a company like Financial Solutions of America can take care of your debts while you focus on work and your loved ones.

  1. Get Your Story Straight

No matter how you work on your debt settlement, you’re going to want to make sure you have a well-constructed narrative, believe it or not. Knowing exactly what you’re going to say ahead of time will not only streamline the process when you’re dealing with collections departments or lenders, but it will also help you strategize properly. For example, telling a lender that you only have a certain amount of money, but that you have a good deal of debts you’re looking to settle can often help you avoid paying the entire amount. After all, the lender would rather get something than nothing.

Settling a Credit Card Debt the Right Way: Our Top 5 Tips

visa credit cardFinancial problems can be a very stressful issue, but it is something that many of us must deal with at some point in lives. When it comes to settling a credit card debt, there are a variety of ways to get through the process. No matter what you wind up deciding, it’s always best to keep a few of these tips in mind as you make strides towards financial freedom.

  1. Create a Plan and Stick to It

The road to financial freedom doesn’t always have to be a complicated one, but you can make it a smoother ride if you create a solid plan of attack for yourself. Do some research, and put in the time figuring out exactly how you’re going to relieve your financial burden. Outline a step-by-step plan for success, so that you will be able to track your progress.

  1. Review Your Spending Every Month

stack of credit cardsOne of the biggest parts of settling a credit card debt involves figuring out where all your money goes each month. Track your spending, and do it very diligently. This will help you out with our next tip in a very big way, as you’ll have a better understanding as to where your monthly income goes.

  1. Budget Relentlessly

Whether you’re living in Maine or New Mexico, debt settlement requires some hard work. Regardless of where you live, the importance of budgeting should always remain the same. Budget very thoroughly and try to cut out anything that you don’t actually need to be spending money on. Identify all spending as either a need or a want. Items that classify as a want are items that you can put on a wish list for purchase at a later date. Items that are a need are the items you will purchase in the immediate future since they are needed items. Review your habits each month. Perhaps you can cut back on those weekly coffee runs, take a few less trips to the movie theater or cut out that Netflix and Spotify subscription which combined takes about $20 out of your pocket every four weeks. The goal is cut out a few expenses that are considered more of a want than a need.

  1. Start with One Card at a Time

many credit cardsIf you’re looking into settling a credit card debt and you have multiple cards that are racked up, it’s a good idea to start with settling the debt one credit card at a time and working your way down the line. We suggest starting by calling the company to which you owe the most money first, as that will be the toughest burden to overcome.

  1. Consider Calling the Pros

There are a ton of organizations out there that dedicate themselves specifically to settling a credit card debt. If you think you might not have the time or energy to go about settling your debts by yourself, consider calling in the professionals. They often have established relationships within the industry, and know how to help you reach a debt resolution that will have all parties walking away happy.

 

Image credit: Cheon Fong LiewSean MacEntee,  Mighty Travels

5 Essential Components to Credit Card Debt Assistance

credit card stackDebt, for a lot of people, is simply a part of life. It doesn’t have to be something that we all live with, which is why there are a number of organizations that exist to help people rid themselves of debt and financial burden. Money troubles can be a thick and heavy curtain that hangs over your entire life, but it absolutely doesn’t have to be that way. The debt resolution process isn’t an impossible one, and in the end, you’ll be glad you went through it. Using a company that provides credit card debt assistance is a route taken by a lot of people struggling with debt. Here are five of the most essential parts of the debt assistance process, so that you know what to look for in your next California debt settlement arrangement.

reading credit cardCooperation

When you’re working your way out of credit card debt, the company that provides you with credit card debt assistance is going to need a lot of your trust and cooperation. You might have to provide them with sensitive personal information, and you’re probably going to have to dedicate a bit of time and energy to working with them while they sort out options to help you resolve your debt. If you are working with professionals you’ll be spending less time and energy than you would if you were attempting to resolve your debt on your own.

Organization

As mentioned previously, a credit card debt assistance organization is going to potentially need some of your personal information and records. Make sure you get everything organized and keep it that way as you’re starting the process, so that you can keep everything moving smoothly once it has begun.

mastercard credit cardRelationships in the Debt Resolution Industry

When you’re looking for a great credit card debt assistance company to help you resolve your debt, you want to make sure that you find a company that has a good set of relationships within the financial and debt resolution industry. These relationships help the process go faster, so if you can find an organization that is already familiar with the major players in the industry, you’ll be on a better path.

A Well-Proven Track Record

Make sure you find a credit card debt resolution company that has an easily-verifiable and highly positive track record. You want to know that you’re going with a company with plenty of victories already under its belt, so you can rest assured that you’re going to get great results as well.

Dedication from Everyone Involved

As previously mentioned, you’re going to have to put in a bit of work to get your credit card debt resolved even if you are working with a professional debt resolution company. Keep this in mind and remain dedicated to the cause even if things get stressful or difficult. Debt resolution isn’t always a simple process, but you’ll be glad you went through especially once you have achieved financial freedom.

 

Image credit: 401(K) 2012Wonderlanefrankieleon

Cut Credit Card Debt with These Simple Tips

Credit card debt isn’t anything extraordinary at this point. You might be surprised at how many Americans find themselves dealing with it year after year. For some it can be a huge financial burden.

wallet-401080_1280For others, it’s just another part of life. No matter what your relationship with your credit card company is, learning how to cut credit card debt is something that can make anyone’s life a whole lot easier. Sometimes credit card debt can really pile up and make a hugely negative financial impact. These relatively easy tips will help you avoid credit card debt issues and keep a hold of your financial freedom.

Budget Very Carefully and Review Every Single Month

One of the biggest ways to go about starting to cut credit card debt down is to simply tighten the belt on your monthly budget. It’s important to note that you can avoid some serious frustration by not treating your monthly budget as though it’s set in stone. You likely will take a few months to really nail your monthly spending habits down, and even when you do, they’re going to change for a variety of reasons. The goal here is to have an idea of where your money goes each month, so that you can have an idea of how to spend less of it in the upcoming months. A well-kept monthly budget can be a huge tool that helps you manage your finances and avoid letting them run away from you. Look over your spending every single month, because the budget that you keep will help you identify spending habits that you can eliminate. When it comes time to cut credit card debt, getting a handle on your spending is one of the first and most important steps.

Cut Unnecessary Spending Habits, Now!

office-620822_1280Now that you’ve sat down and given yourself  good idea of how and where you spend your money each month, it’s important to start cutting down on expenditures that are not quite necessary. If you’re trying to seriously cut credit card debt down, perhaps you don’t need to be paying for that premium music subscription anymore while you’re whittling away your credit card debt.

Call a Debt Negotiation Company

credit card debtMany individuals wind up realizing that they can seriously cut credit card debt by working with a company who is dedicated to helping individuals get out of their credit card debt woes. Companies like Financial Solutions of America excel at helping people out of credit card debt. We’ve been in the industry for a long time, and have relationships with credit card companies and lenders. When you go with a debt negotiation company, everyone walks away feeling happy.