Why do credit counseling services always state in their advertisement, that unless you sign up for their service it will take you decades to pay off your credit cards?
The truth is, you can develop your own plan to pay off your cards as quick as possible without signing up for credit counseling.
Banks, Credit Unions, and Financial institutions love for you to carry a big balance and pay just the minimum required each month. They set the minimum at just 2% of your balance, and if you do pay just the minimum each month, you will likely be paying that card off for a very long time.
By paying just $10 more than the minimum required each month, you can reduce your pay off time substantially. A typical example is the average credit card with a $1000 balance will require 16 years to pay off if you only pay the minimum (2%) required each month.
But should you choose to pay $10 more than the minimum you could pay the balance off in four years and save a fortune in interest.
Just imagine how quickly the balance will reduce if you pay $20 or $30 more than the minimum each month.
So even if your credit card is at the maximum credit limit don't despair just yet. It is easy to find the money - just give up the things you don't really need and apply them to your credit card debt.
Some examples are:
* That cup of coffee that you buy five mornings a week that cost $2.00. If you stopped buying them you could save $40.00 per month and use it to pay off your credit card.
* By buying your lunch everyday it could cost you from $20-$60 a month. Bring lunch from home and get rid of your credit card debt faster.
* Long distance phone calls! Send an email instead.
* Why not click on our Credit Cards and compare options on rates, fees limits and rewards and see if you can get a lower rate.