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  • It has been said that pain and pleasure are powerful motivators. If the pain of carrying your debt is acute enough you will take aggressive measures to change your behavior.
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  • Attack Your Debt Right Now Tear up your credit cards. Home Mortgage Finance. Literally take a pair of scissors and cut them up.
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  • Call the credit card companies and tell them to close your accounts. You might keep one card with a low limit set by you not the credit card company. Hsbc Auto Finance. Simply call the company and tell them to place a limit on your credit.
  • Complete Finance Guidebook Journal Personal Street Wall
  • Pay off your highest interest rate card first paying a little more than the minimum. This will shave months off your debt. Nycgov Finance. With your other debts continue paying just the minimum.
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  • After you finish paying off your highest interest rate card move on to the 2nd highest interest rate card. Home Mortgage Finance. Roll over the amount you paid each month from your first card to pay off this one.
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  • Dont be tempted to use the money elsewhere! You must stay disciplined. Youll pay off the second card even more quickly. Home Mortgage Finance. Continue this strategy until all your debts are paid.
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  • If you find yourself unable to pay your bills communicate with your creditors! Be honest and explain your financial situation. Home Mortgage Finance. Ask them to reduce your payments or the interest rate.
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  • Tell them you plan to pay off the debt. The worst thing you can do is not communicate. Home Mortgage Finance. They may assume you are unwilling to pay your bills and get nasty.
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  • Apply for a low interest rate credit card and transfer your balances. There are several excellent sites on the World Wide Web to find low interest rate credit cards. A word of caution: Dont get lured into those introductory lowinterest rate cards which are so popular right now. Home Mortgage Finance. Read the fine print before you apply.
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  • What they dont tell you is that most of these cards jump back up to a high interest rate after 4 to 6 months. Home Mortgage Finance. Then youre back to where you started or even worse! If you do get a card with a low introductory rate have a financial plan about what to do when the rate and your payments increase so you wont be caught off guard. Nycgov Finance. If you own your home you might consider a debt consolidation loan. Complete Finance Guidebook Journal Personal Street Wall. This kind of loan is a 2nd mortgage on your property which allows you to consolidate your debts into one payment. Home Mortgage Finance. Some loan programs require no equity or appraisal.
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