Credit Card Traps Keep You In Debt Forever

Are you like the average American carrying around $10,000 in credit card debt? Did you know that by making just your minimum monthly payments it will take you 40 years to pay that amount off? If your total debt is more than the average, it could take 50 or even 60 years to pay off! Credit Companies know how to trap you and keep you in debt forever!

Every time you swipe one of your credit cards someone else is getting rich! Credit companies made $70 Billion Dollars last year on the interest charged to card holders. That’s right, BILLION not million! It’s outrageous! They know that they will continue to make billions even with the economy failing because we use one card to pay the minimum on another card and the cycle continues.

The government has finally stepped in and has begun to put limits on the interest credit companies charge. Unfortunately those limits aren’t changing your current debt!

If you fall even one month behind they hound you like you were some kind of dangerous criminal! They call at all hours of the day and night, even weekends! It can get to the point that the mere sound of a phone ringing can send you into a cold sweat! Credit Card debt is the cause of 90% of the bankruptcies filed in America. People just can’t take it anymore and don’t know any other way out!

Money is tight so you think using your credit card will buy you more time to pay off the things you need. However, the reality is just a simple $100.00 purchase could take 5 years to pay off! The interest just keeps accumulating.

You do not have to continue having sleepless nights and cringing when the phone rings. You do not have to file bankruptcy! You do not have to live like this anymore! You can make it all stop! You can actually have 50% or more of your credit card debt erased! That’s right, eliminated, gone almost overnight! There are private companies out there that know how to do this legally and quickly! They can literally change your life right now!

Step by Step Approach to Get an Unsecured Debt Consolidation Loan

For people who have a lot of credit card debts, obtaining an unsecured debt consolidation loan seems to be a very perfect financial solution for them to pay off their outstanding balances to their creditors. If you are also facing the same problem, let’s follow the steps below:

The very first step you should take is to determine how much unsecured debt you are having currently. At the same time, list down the interest rates for each debt. After that, you should get ready to look for the lenders you are familiar with that offer this specific loan. Obtain necessary information related to interest rates, duration of repayment and the minimum amount for monthly repayment. Find out whether there is any additional fee incurred.

Next, do a comparison on the interest rates of your current unsecured debts with the interest rate of the new loan. You should only apply for debt consolidation loan when its interest rate is much lower than your current ones. Besides, evaluate your financial position carefully to see whether you are able to make the monthly repayment. If you are not able to cope with your income, never ever apply for it as it will spoil your credit score later.

Then you are required to check your eligibility with your preferred lender. If you are qualified, then you can start submitting your application. Once your loan is approved, you are advised to pay off all your unsecured debts immediately.

Finally, after you have paid off all your debts, start focusing your repayment on the new loan. Work out your monthly budget and follow your budget strictly. A last reminder for you – STOP creating new debts. For more information about unsecured debt consolidation loans , visit DebtConsolidationLoansPlan.com.