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Eliminating Debt Is A Step-By-Step Process

by Petra Shulde, Fixn Debt, Inc.

Many Americans are simply swimming in debt. Are you one of these people? With a home mortgage loan, a car loan, store cards and credit cards? If you are then you are probably struggling each month to make your minimum payments, let alone get ahead with any kind of savings plan. While your mortgage and your car loan are positive steps in the right direction (after all, you are building equity in good solid assets), it is the store cards and credit cards which will give you the most 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!

"Debt-free?" you might be questioning yourself right now. Although it is very possible, living debt-free is not an easy task, especially if you are thousands of dollars in
credit card debt. There is no quick-fix solution to this problem, but if you follow a few simple steps, you can work your way to a better, debt-free life.

The very first thing you must do, which is by far the hardest, is to eliminate the temptation of using your credit cards by getting rid of them completely. If you continue
to spend on these high-interest cards, you will never get out of debt and your life will always be a financial struggle. So, select the lowest interest credit card and
put it aside for emergencies, and then take out your scissors for a credit card freedom ceremony. You have made the decision to get out of debt and take charge of your financial destiny.

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.

Another option for those in financial difficulty now is a Debt Agreement with your creditors. For those who are having difficulty making minimum payments, you would talk to your credit card companies and negotiate a payment compromise that allows you to control the amount of money that you pay every month. A Debt Agreement is a last resort prior to filing for personal bankruptcy, and should only be considered in the most extreme of circumstances. And, the credit card companies may always reject your proposal.

Some examples of the kinds of arrangements that are put in place are:

Payment of less than the full amount of all or any of the debtor's debts

A moratorium on payment of debts for a period of time to give the debtor time to gather funds

A transfer of property from the debtor to the creditor as full or part payment

Periodic payments of amounts out of the debtor's income to creditors either collectively or individually.

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!


Petra Shulde is the owner and operator of Fixn Debt, Inc., a leading Internet directory for debt information. For more debt information and resources, be sure to visit


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