Have you ever thought why credit card companies are minting money while the customers are paying heavy interest & penalties on their over dues? Yes, these credit card companies are big sharks who charge astronomical interest from their customers on over due payments for using their credit facilities.
Customer's Pain Is Their Gain As per 2006 statistics, all credit card companies, put together, have profits of more than $90 billion from interest charged alone.
From fee charged on cards the single year figure stands at $55 billion.
You can very well imagine the kind of money they are mopping from their gullible customers.
And we as the customers have no option but to dole out interest almost double or at times more than the going market rate.
It is high time we wake up and take steps to eliminate credit card debt.
How Can You Eliminate Credit Card Debt? If this realization has dawned on you that credit card companies only trap you, then help is not far away.
The best way is to pay off all your loans at once and stop the ever-rising meter of debt.
Better still, you can go for credit card consolidation.
Other options are credit card counseling and in a worse scenario, bankruptcy.
Options like credit card debt counseling to eliminate credit card debt suits the individual who has a consistent growing income and can go for a long-term agreement.
The Consumer Counseling Agencies get in touch with the credit card companies on your behalf and bargain for fee waivers and lower interest on overdue payments.
What's expected from you is consistent payment without default.
Through the last option of bankruptcy, you can legally eliminate credit card debt, but it is not advisable.
It is in fact the worst option for you since your credibility will bite the dust.
Credit Cards Consolidation - The Best Strategy Of all the strategies discussed above, the credit card consolidation is by far the best way to legally eliminate credit card debt.
The strategy is simple.
The over dues on all your cards will be paid off at once and another loan consolidating that amount will be due from you.
The benefit being that interest charged will be a fraction of what you are paying to card companies.
Moreover, the payment option will be kept suited to your paying capacity and comfort.
So don't let the credit card sharks eat into your life, just eliminate credit card debt.
Customer's Pain Is Their Gain As per 2006 statistics, all credit card companies, put together, have profits of more than $90 billion from interest charged alone.
From fee charged on cards the single year figure stands at $55 billion.
You can very well imagine the kind of money they are mopping from their gullible customers.
And we as the customers have no option but to dole out interest almost double or at times more than the going market rate.
It is high time we wake up and take steps to eliminate credit card debt.
How Can You Eliminate Credit Card Debt? If this realization has dawned on you that credit card companies only trap you, then help is not far away.
The best way is to pay off all your loans at once and stop the ever-rising meter of debt.
Better still, you can go for credit card consolidation.
Other options are credit card counseling and in a worse scenario, bankruptcy.
Options like credit card debt counseling to eliminate credit card debt suits the individual who has a consistent growing income and can go for a long-term agreement.
The Consumer Counseling Agencies get in touch with the credit card companies on your behalf and bargain for fee waivers and lower interest on overdue payments.
What's expected from you is consistent payment without default.
Through the last option of bankruptcy, you can legally eliminate credit card debt, but it is not advisable.
It is in fact the worst option for you since your credibility will bite the dust.
Credit Cards Consolidation - The Best Strategy Of all the strategies discussed above, the credit card consolidation is by far the best way to legally eliminate credit card debt.
The strategy is simple.
The over dues on all your cards will be paid off at once and another loan consolidating that amount will be due from you.
The benefit being that interest charged will be a fraction of what you are paying to card companies.
Moreover, the payment option will be kept suited to your paying capacity and comfort.
So don't let the credit card sharks eat into your life, just eliminate credit card debt.