CREDIT CARD

A Consumer's Interest Rate for Credit Card Debt Should Not Be Based on Their Credit Score

A Consumer's Interest Rate for Credit Card Debt Should Not Be Based on Their Credit Score

Thesis Statement

The current economy has many people uncomfortable with their debt. There is no more job security and believe that one is busy with the same company for many years. Government workers have been proved very recently that there is no security in any job sector down. For the sake, of any debt they may have are individuals and families for the best ways to pay off their debts to the inevitable happens, and they look into the ranks of the unemployed. If a person lose the job, have delinquent payments are made on the credit cards or he/she will end up paying more interest and the credit rating will be negatively affected. Eliminating the credit card debt will now help a person if the worst happens. Follow some of these guidelines and will also be found on the road to eliminating the credit card debt.

Introduction

Credit cards are open-ended nature of the claim, which means there is no term limit, if a person pays debts. In fact, as mentioned above, credit card companies would prefer that one pay it off slowly. With no end in sight, a person could pay a small balance on a credit card for years. By using a personal loan, person have to define a term, either 4 or 5 years (it could be longer, but a person looks to eliminate this debt, not increase it) (Rich 2006). The interest rates charged by the bank will be lower than what one pay for the credit cards. With the combination, of all credit cards into one, low-interest loans, monthly payments are lower than a person pay now and, one will receive the entire balance within the 4 or 5 years one paid as a term set. Whatever a person decide is best for himself to get rid of credit card debt, realize that it probably took one a while to build up this debt and it will take a while longer, until they pay off.

Eliminate Credit Card Debt by eliminating the credit

They will not eliminate the credit card debt, until one stop using credit card. If one has a number of different cards, choose only one to hold up to an emergency. This card should be the one with the lowest interest rate. Getting rid of the remaining cards will force a person can no longer be used, so spend the trend.

If a person need, try freezing remaining credit card in a block of ice. It is not easily accessible in this way a person prevents from using it carelessly. In an emergency, one can use the card to be thawed and used. Most people need to keep a card for a medical emergency or an emergency on the road with car (Maeda 2010). Now that, person have chosen only one card that one use from ...