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The Step-by-Step Process for Eliminating Debt
by Petra Shulde

Americans everywhere are swimming in a sea of debt. Do you
have a home mortgage, a car loan, credit cards, and even
store shopping cards? If so, then most likely you are
struggling each and every month just to make the minimum
payments on your credit and store cards. And forget about
putting any aside for savings. Even though your home loan
and car loan are positive steps since you are building
equity in these assets, it is credit cards and store cards
that will get you, and keep you, in financial trouble.

Credit debt is a financial epidemic that affects millions of
people around the world every year. Rather than live each
day to its fullest, individuals suffering from credit card
debt are forced to pay off their expenses from the past.
Does this sound familiar? If so, then let me encourage you
to attack those credit cards and start living debt-free!

I know you may be skeptical about living debt-free. It
seems like such a pipe dream. And even though it is well
within the reach of each and every one of us, it is not an
easy task, especially if you are thousands of dollars in
debt to the credit card companies. And even though there is
no quick fix to your credit card debt problem, there are
ways to eliminate your debt and live debt-free.

The first step - which is the hardest - is to get rid of all
the credit cards so you won't be tempted to use them. You
may feel like you are dependent on your "plastic," but you
need to eliminate this temptation. You will never get out
of debt and live debt-free if you continue to spend on these
high-interest credit cards. So you need to set one credit
card aside for only dire emergencies (and you should select
the card with the lowest interest rate) and take out your
scissors for your card-cutting ceremony. Make the decision
to get out of debt and cut up the rest of your cards.

And what if you are already in trouble? What can you do to
reduce and even eliminate your credit card debt? There are
two keys options to doing this. The first is taking out a
debt consolidation loan. This is where you take the
balances of your outstanding cards and smaller finance loans
and roll them into one loan or card. This minimizes your
monthly repayments but also minimizes the amount of interest
that you are incurring each month because you are incurring
interest only on one outstanding balance rather than many.

The second option is taking out a Debt Agreement with your
creditor. This is a simple strategy that allows you to
negotiate a binding payment compromise with the companies
you owe outstanding monies to. This is an alterative step
prior to filing for bankruptcy and should be considered as
an extreme measure. It is important to note, however, that
the debt agreement proposal may be accepted or rejected by

If the credit card company agrees to the Debt Agreement,
here are some forms that the agreement might take:
- Payment of less than the full amount of some or all of
your debts;
- A moratorium on payments for some period of time to give
you a chance to save funds;
- Transfer of property from the debtor to the creditor as
full or partial payment of debts,
- and payments directly out of your income to your

Hopefully, you will be able to bet back on your feet without
taking the extreme measure above. So, to avoid this type of
problem, take control of your credit card debt today!

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