http://www.doctordebt.net/debt/debt-reduction/credit-card-debt-reduction/ Credit card debt reduction is always a good idea, whether you go it alone or get professional help. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Amassing too much credit card debt can be financial suicide. Don't ignore the warning signs! Warning Signs of Too Much Credit Card Debt The signs are small, but they're there. Here are some of the warning signs of too much credit card debt: Maxing out one card and opening another Paying enough down on your credit cards so that you won't be maxed out Trying to open a store credit card (or any other credit card) and being turned down for being "overextended" as it is Only paying the required monthly minimums Late fees and over-the-limit fees Calling to ask for a credit increase All of these symptoms are red flags and should warn you of a bigger problem looming on the horizon. If you're experiencing any of these symptoms, you need to practice credit card debt reduction, and you need to do it now. You can do this by: Stopping the use of your credit cards. Don't even take them with you when you shop. Pay as much as you can towards each card to get them paid off Close all the accounts except one Visa or MasterCard. If all this fails, go ahead and get professional credit card debt reduction help--before it's to late. Credit card debt reduction can come in the form of credit card debt consolidation, a debt consolidation loan, a debt consolidation mortgage or debt settlement. Here's a brief description of each of these debt reduction plans: A debt consolidation loan is a credit card debt reduction plan that requires collateral, so if you don't have it, don't even apply. If you do have it, apply. After all, you will save thousands in interest fees and finance charges, and you'll be out of debt in five years to boot! A regular debt consolidation program is a credit card debt reduction plan that requires you to contact a debt management company. A professional in debt management will contact your creditors to get you big reductions in interest rates and fees, then take the new lower balances and combine them into one. Then you make one monthly payment to the debt management company, which they distribute among your creditors. Again, you're debt free in about five years. Debt settlement is a credit card debt reduction plan that involves a debt settlement company using their credit card debt negotiation skills to get the amount of your credit card debts reduced by 60-80%, but you have to pay the remaining balance immediately and in full. Sometimes you get anywhere from one to three years, but that's rare. Your creditors figure if they're cutting you a break, they want their money now. A debt consolidation mortgage is the best credit card debt reduction plan you can get. Your mortgage company gives you a check for the amount of your credit card debt, then you pay it all off. The amount of the check is tacked on to your mortgage, so you pay your credit card debt off at the same low rate as your mortgage. Your house payment will go up ever so slightly, but you get to write off part of the mortgage interest on your taxes. The pros of this really do outweigh the cons. You could say it's just what the doctor ordered! Any of these programs could result in relief - the trick is to find the exact right form of debt reduction assistance out there, the one designed for your abilities, and you financial needs. Sat, 26 Jul 2008 15:00:00 EDT