Debt Recovery Solution

Credit card debt is the number one reason Americans lose their homes, their savings, and have to eventually declare bankruptcy (Chu, 2008). Credit card debt is also the cause of stress in many relationships and is the direct or indirect cause of many divorces (PRLog, 2008).

Banks make their money by keeping consumers in perpetual debt. Learn how to eliminate escalating debt as fast as possible.

Pay Card With Higher Interest Rate First

There are no exceptions to this rule. A higher interest rate will always cost more money in the long run.

Debt Consolidation

Should a consumer consider switching debt from one credit card to another? Check the fine print before transferring a balance. Often credit card companies try to sweeten the deal by advertising zero to very low interests rates on balance transfers for a period of time. Then after the time period is up the amount of debt left is charged at a usually much higher rate of interest. This situation is only a good deal if a credit card consumer can pay the amount of the debt in full at this low rate, otherwise they run the risk of accruing higher interest rates on the debt.

Debt Relief Companies

Many of these so called debt relief companies are downright scams. They sound appealing to people who are drowning in debt and desperate to decrease their monthly bills. Consumers need to be aware that the Federal Trade Commission (FTC) has sued many of these debt relief companies for fraudulent activity (FTC, 2008).

But even if a credit card debt relief company has been thoroughly checked out and is deemed a reputable business, this type of company cannot do anything a consumer can do for themselves. A debt relief company does not wave a magic wand to wipe out credit card debt. The most they can do is lower the annual percentage rate (APR). The enormous fees that a debt relief company frequently asks for will only add to a consumer's debt problem.

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