Credit Report Dispute Letter and Credit Card Debt

Isn’t life expensive? Did you ever anticipate as a child that living would cost so much? I certainly didn’t give it a second thought. However, once you make it through high school and then head off to college, a wakeup call is in order. Suddenly you’re paying for things. This can be rather discouraging. How will you pay for your room, meals, and tuition? Will you have enough cash left over to buy books? This is the point where many of us start opening all of those credit card pitches we receive on a daily basis. We desperately need some kind of financial aid to help us get through the next four years. Don’t get me wrong, credit cards can be a blessing when you’re in a jam, but far too many of us tend to go overboard with the little plastic wonders. Unfortunately this can lead to some serious credit card debt in the future.

Do you own a credit card, or maybe two or three of them? Most of us do; it’s no big surprise. The goal is not accruing major credit card debt, which can stifle your future plans. The credit card was initially designed to provide us with means, even if there weren’t means to our names. Well, maybe that’s what we were duped into believing. When you charge up your MasterCard or Visa, you sadly begin the vicious cycle known as credit card debt. You’re in debt and the credit card companies are making a killing off of the interest rate. You send in a payment of 400, which is good, but somehow you really only got ahead by 300. It’s that darn interest. Welcome to the sad and dismal world of credit card debt. Many of us have been there before. Some people just don’t even pay attention to the dilemma. A close friend of mine has two different credit cards with 20 grand in debt on each. What I don’t get is that he has 35 grand in his savings account; so why not get rid of that credit card debt?

If you’ve grappled with credit card debt, then you’re certainly not alone. In fact, a great number of Americans struggle with credit card interest and payments on a regular basis. The key is often consolidating, or even better yet, steering clear of credit card debt before it ever happens. Don’t go crazy in college and jack up your credit cards for meaningless fun. You will surely regret it after graduation. Don’t live beyond your means and purchase things on credit that you’ll never pay off. This is a terrible idea. You can hop online and find ways to help clear your credit card debt as soon as possible.

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One reason that the average American credit card debt has been increasing over the past 10 years is the interest rates and penalties that many credit card holders are subjected to every year. The rising rates, along with additional fees, has added billions to the bottom lines of the major credit card companies.

The average interest rates on credit cards is 18.9% and rising. Some cards have introduction rates of as high as 23% and as much as 30% for those with damaged credit. 23% of Americans have maxed out their credit cards, 13% are at least 30 days behind on payments, and 11% have had their debt go into  collection.

In addition, the penalty fees that credit card companies have begun to charge have endangered so many consumers that they are near the brink of claiming bankruptcy.

Good news for consumers this week as new credit card laws went into effect. You still have to be very careful and watch every piece of literature you get from your cardholder companies. Considering all the tricky and misleading stunts they pulled to lure people into credit traps, be careful to go over your new agreements with a fine tooth comb.

We always here that credit cards are bad, and that they should be avoided. But what are you to do if you already are knee deep in debt stemming from such cards? The annual percentage rates on these cards are extraordinary high, and paying them down sometimes feels impossible. But to get rid of credit card debt isn’t as difficult as it sounds. It all starts with getting an overview of the debt.

You need to know exactly what you own. That is an important first step. By doing this you get an “ownership� to the debt and will also feel increased motivation to pay it down as you see it decrease. Pull out all the latest bills and get an overview on who you owe money and how much to each.

Next, break down the usage for each card. Where are you using them and what are you buying? You want to do this for the same reason as mentioned above. You need to have feel “ownership� to your spending. By studying what you have bought you will also realize all the things you have purchased that you don’t actually need. Credit cards are seldom used to buy goods that are essential to living, and when you see enough of those Starbucks coffees on your credit card statement you will have found the first thing you can cut down on.

Consolidating credit card debt is also an option you should look in to. By applying for a cheaper loan that you can use to pay down all your expensive credit card debt you will be paying lower rates, and thereby afford to pay down more on the actual debt each month.

No one is saying that you are in an easy situation with your debt. But you have to understand that only you can take the responsibility and action necessary to pay down your debt. You won’t regret it!

Here are some tips for credit card debt solutions that will provide you with real and genuine solutions… Not some “quick fix” that doesn’t correct the real issue…

Tip number one:

Pay cash instead of plastic…

Statistically speaking, when you use your credit card instead of cash, you will spend 12-18% more. When you use cash, you can feel the money leaving you. On the other hand when you use your credit card, you have no sense of how much money is being wasted! Hence, you will save a lot of money by using cash.

For more FREE tips read more about Real Credit Card Debt Solutions …