| Article Continued: I'm in debt what do I do? Options are? Wouldn�t it be better to just close all of my credit cards so I am not tempted to charge anymore? Yes, this is an excellent idea. If you have any credit cards that charge an annual fee, by canceling the account, it should also cancel the annual fee. Most companies will give you a credit back, prorated, for the annual fee that you have already paid. There are a few credit card companies that won�t you let �close� or �cancel� the account until you have paid it off. If you cut up your card on these to prevent spending, just remember to officially close the account through the credit card company once the account is paid off. What if I call to close my account and they offer me a higher credit limit, a lower interest rate, or a low balance transfer rate? That is a good question and if you have had a good account with the company they will try to save it. Often, they will transfer you to a specialist whose only job is to save the account. This can be a good way to negotiate a lower interest rate. Just remember to keep your eye on the goal, to be debt free. That means not carrying balances on any credit cards. The fewer credit cards you have available to spend on, the less trouble you can get yourself into. What if I earn reward points, or air miles on a credit card? Cash them in, if you are eligible, before you close the account. These value-added cards can have several things to think about. Read the free article, Getting free things from credit cards, Is it worth it? for all the details. So what do you do if you are in debt? Have a few too many credit card bills you can�t seem to pay off? If you are having problems making the minimum payments on all of your credit cards, you do some options. You can call the company and let them know and ask if you can set up a payment arrangement. Some companies will even put you on a lower interest rate while you are the agreed upon payment arrangement. Just be sure to know how much it is you can afford, because if you default on a payment arrangement they could up your interest rate back. Another option you have is to change the due date. If you are having a timing issue on when you get paid versus when your bills are due, this is a simple option. Most companies will be happy to change your due date if you ask. Depending on when your current due date is and what you are requesting, it may even be possible to alleviate a whole monthly payment. For more information, see the Free E-Book Debt Disaster Relief, which goes into much greater detail on credit cards, debt, and what to do. There are also non-profit credit counseling organizations that work directly with the credit card companies to eliminate late fees, over the credit line fees, and to lower your interest rate, and your payment amount. You make one monthly payment to the credit counseling organization and they disperse the individual payments to your credit card companies. There are also many for profit credit organizations and debt relief organizations. These you would pay a monthly fee for. Two non-profit organization that come highly recommended, are CCCS, Consumer Credit Counseling Services and Money Management. If your debt load is still too much, you can set up a free consultation with a Bankruptcy Attorney to see what further options you may have. Remember, doing something is always better than nothing. The author also does speaking engagements on credit cards and debt for organizations. Free for local organizations. If you need more personalized attention, feel free to contact the author. The author offers free debt consultations to local individuals. For Related Articles see � Are you working for your stuff or is it working for you? The Debt Game: Don�t Play it Christmas Creativity, how not to go in debt this year What is the key to getting ahead in the future? Getting free things from credit cards, Is it worth it? How much are my credit cards actually costing me? The Cycle of Debt The Life Cycle |