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Today on MoneyLife with Chuck Bentley

Thursday, June 11, 2009

Creative Ways to Pay Off Credit Cards

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Chuck Bentley A recent survey found average credit card debt load carried by American households is $9,900. Most listeners who write want to get out of credit card debt.

The average late payment fee is $35. That's how credit card companies make money. The average fixed rate on credits cards is 14%.

if you pay your credit card at the minimum, every charge becomes the equivalent of a mortgage paid over years. It doesn’t make sense.

Defensive strategy:

Stop carrying credit cards. Credit cards are not evil, the issue is self control
Stop adding to your credit card debt
Pay for everything with cash (a recent study found if you carry a $100 bill, you’re less likely to spend it than smaller bills)

Offensive strategy:

Create margin between your income and expenses. Margin allows you to get out of debt, save, and be generous.
Create margin by living below your means
You may need to take steps to increase your income
To decide which credit card debt to pay off first, make a list of all your credit card debts and include the amount owed and interest rate of each
Focus on paying off the debt with the highest interest rate first or the smallest balance
See CardTrak.com

Creative ways to pay off your credit card debt:

Have the credit card company pay off your bill – contact your credit card company and humbly ask them to forgive late fees and lower your interest rate, tell them you intend to be faithful in paying off your balance
Sell everything – start selling things you don’t need, look hard at anything you are paying to store, sell things on the Internet, get the best prices usually on a specialized Web site
Sell ad space on your car – there are companies that will pay up to $400 a month to put an ad on your car, can do the same thing with your yard space with companies who do home repair work. Check out:
Bake cookies – cheap and easy to make, easy to sell
Type/Proofread papers – if you have the skills, use them to make extra money
Do your neighbor’s chores
YouTube – help a business owner create a video for their Web site
Play the middle man – there are Web sites, such as H3.com, that will pay referral fees if you can recommend someone for a hard-to-fill job
Join Pay per Post – companies will pay you to write about their product or service
Do odd jobs – check Craigslist or your local newspaper for jobs you can do
Follow the Crown Money Map

Dos and Don'ts of Credit Cards

The primary cause of financial problems for most families is the misuse and abuse of credit cards.

Credit Card Interest and Fees

By the Fair Credit and Charge Card Disclosure Act of 1988 credit card issuers are required to provide applicants with detailed information.

Using a Credit Card

There is nothing wrong with using credit cards if people are able to discipline their use by following some very simple guidelines.

Rollover Method for Paying Off Credit Cards

There is a light at the end of the debt tunnel. By applying some simple principles, you can begin to pay off credit cards and become debt free.