Ways to payoff Christmas credit card bills and debts
http://creditfederal.com/article/articles/774/1/Ways-to-payoff-Christmas-credit-card-bills-and-debts
By CreditFederal.com - A good or bad credit personal loan, auto and mortgage financing, and credit card resource.
Published on 01/3/2012
You could use gift cards, cash, credit counseling or debt settlement to get rid of Christmas bills.
Payoff or Stop Paying Credit Card Bills
Tied up with Christmas credit card debt or other unsecured loans and bills you can't repay or payoff? No matter how you got into debt; whether low income, loss of employment, unexpected emergency loan expenses or other reasons, there are relief solutions... With debt counseling, you can reduce monthly payments without a loan. With a debt consolidation loan, you can payoff high interest debt. With debt settlement you can negotiate for a lower balance to payoff. With a short term unsecured loan you can get the funds you need to make a credit card payment or to pay any bill and to avoid a late fee. Or you can chargeoff debt with bankruptcy or by simply stopping payments. This is the least recommended solution, because it will most negatively impact your credit score and will likely prevent you from getting new credit in the immediate future, and most certainly will cause your credit terms to be extremely unfavorable when you do get approved.
Negotiate a Christmas credit card debt settlement with your creditor(s) to reduce the total balance owed Through debt negotiation, you can lower the grand total of the money you owe to creditors, as much as up to 80%. Read our free do-it-yourself tips or; if you don't feel capable of negotiating with creditors, consult a professional debt settlement company. Since creditors have professionals working for them, you may want to have professionals on your side, too.
Use Christmas gift money or your tax refund to payoff credit cards: If you received cash for Christmas or are expecting a nice-sized tax return refund; such as $3,000, you could make the most of it by using it to payoff credit card balances. Here's an example of how much money you could avoid wasting; and earn, in interest: For credit card debt of $3000 with a rate of 19%, to payback the charges would take you 1 year with monthly payments of $276.48. By the time you paidoff the balance, you would have wasted $317.63 in interest. But, if you used your $3000 tax refund to payoff the balance; while still placing the $276.48 monthly credit card payment into a 2% interest earning savings account, you would earn $353.59 in interest. Thus your total savings and interest earned would be an incredible $671.22! ($317.63 in credit card interest you avoided paying, plus $353.59 in savings interest earned)
Negotiate a Christmas credit card debt settlement with your creditor(s) to reduce the total balance owed Through debt negotiation, you can lower the grand total of the money you owe to creditors, as much as up to 80%. Read our free do-it-yourself tips or; if you don't feel capable of negotiating with creditors, consult a professional debt settlement company. Since creditors have professionals working for them, you may want to have professionals on your side, too.
Use Christmas gift money or your tax refund to payoff credit cards: If you received cash for Christmas or are expecting a nice-sized tax return refund; such as $3,000, you could make the most of it by using it to payoff credit card balances. Here's an example of how much money you could avoid wasting; and earn, in interest: For credit card debt of $3000 with a rate of 19%, to payback the charges would take you 1 year with monthly payments of $276.48. By the time you paidoff the balance, you would have wasted $317.63 in interest. But, if you used your $3000 tax refund to payoff the balance; while still placing the $276.48 monthly credit card payment into a 2% interest earning savings account, you would earn $353.59 in interest. Thus your total savings and interest earned would be an incredible $671.22! ($317.63 in credit card interest you avoided paying, plus $353.59 in savings interest earned)