Now as the holiday credit card statements are arriving in the mail, you are now in anxiety and facing the stern reality of drowning in credit card debt. Now to find a reliable solution to your misfortune, you need not to consult a debt settlement professional or an Attorney. To help tackle this Holiday debt crisis and to lead a debt free 2011,  keep in mind the following tips:

Tips for Getting Out of Holiday Debt

1. Try to pile up all your scattered credit card statements in a way to get a perfect idea of your total credit card debt and how much payment you have to bear each month and what is the actual timespan to repay all your existing debts.

2. Once the data are in your mind create your monthly budget by reviewing your income and your expense. Now determine how much you can afford to pay towards your credit card bills without fluctuating the financial balance of your family.

3. Finally when your budget has been fixed you may explore your options, such as :

• Try to pay your creditors more than the minimum at the beginning of the month and try to sustain your family with the amount left.
• You may go a little ahead and get a consolidation loan to pay off all cards. But it’s advised better to avoid it, as It may lead to another debt burden.
• Scrutinize some credit card counseling programs if they can diminish your principal while maintaining an affordable monthly payment.
• Explore debt settlement programs, specifically those that don’t charge an upfront fee before settlement of your existing debts, as regulated by the Federal Trade Commission(FTC). Also ask them if they can eliminate your principal balance within 36 months or less than that.
• Declare bankruptcy, though always advised as the last resort as of the length & cost of the process and for the severe effect on your credit report as well as in your financial life.

Each and every planning is a huge failure if not carried out with proper care. So, tread on the path carefully with full potential once you’ve decided to get relief from all your burdens.

Getting credit-card debt relief starts with the ability to set up a good budget and paying down credit-card balances. Discover other ways like dipping into savings or doing credit-card balance transfers to eliminate debt with tips from a financial planner in free personal-finance video.

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Video Summary – (beware of the Poor sound quality)

5 Tips to Attack Credit Card Debt

1. Find out WHO you owe – Collect your statements

2. List out how MUCH you owe – Gather all your bank statements and add up your total debt

3. Create your Budget -  Try a free online budget at moneysavingexpert.com

4. Choose the Right program – freedebtexam.com

5. Choose the Right company – debt-professor.com

Ways to consolidate credit card debt include using balance transfers and contacting a credit union or bank for loans. Condense credit card debt, but read any disclosures regarding balance transfers, with advice from acertified public accountant and credit counselor in this free video on debt management.

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Credit card companies are marketing to college students on campus and social networking sites.

store-cards-tips

They are often promoted heavily in stores and can initially appear attractive, but beware there are many more disadvantages attached to them.

Avoid Store card Tips

• Excessive rates of interest
  The interest on most store cards is massively more than a standard credit cards up to 30% APR.

• Pushy Sales Staff
  Untrained staff get paid by commissions for signing people with little knowledge about the high interest rates

• Hiding the facts
  It often isn’t very clear when you sign up in store as to what the APR or interest rate is.

• Limited Offers
  Initiate offers get people to sign up and then they raised the interest rate to record highs.

• You are compiled to spend in the store
  With these cards the stores guarantee that we spend on them in their shops.

• Never, ever, use a store card to borrow on.
  If you have one, whatever the reason, always ensure you pay off in full

Store Card Tips and when to use them