Credit Card Debt Counselling
Posted by Tom Wilkins on Thu 23rd August 2007 at 06:00 AM, Filed in Credit Tips
If you’re unlucky enough to get yourself into a hole with credit card debt then don’t despair. Firstly, it’s not the end of the world although there is a price to exacted in terms of poor credit ratings and bankruptcy. Nonetheless, there is alot of help out there should you need guidance. Credit card debt counselling is one way of helping yourself.
The process should run as follows:
1. Realise you need help and approach a trained debt counsellor.
2. Thoroughly explain your situation to the counsellor.
3. The counsellor should talk through all the options available to you.
4. Solutions might include:- budgeting, debt consolidation onto lower interest rates, asset disposal and remortgaging.
5. Cut down the number of credit cards you own.
6. If you really have to use credit cards, shop around for the cheapest APR.
7. Try to pay off your balance at the end of each month.
The key point to recognise from this sort of counselling is that you have ultimately over spent and need to moderate your spending in the future. Talking to someone can help crystallise some of these objectives and encourage you to take action.
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