One of the first things you have to do to eliminate credit card debt is to stop your debt from growing. Make a determination right now that you will never use credit cards again. I know that some folks say that it’s okay to use credit cards if you’re going to pay them off in full each month. The problem is, though, that you haven’t been paying them off in full; that’s why you have credit card debt. You can always revisit the idea of using credit cards responsibly when you’ve eliminated your debt.

I’ve found that one of the best things I can do to discourage the use of our credit cards is to stop carrying my cards with me. It’s just too easy to succumb to a “good deal” with the idea that I will pay for my purchases before the credit card statement comes. It’s just better to leave the card where it can’t do any damage.

For those of you who are truly serious about getting rid of your credit card debt forever, the best way to keep from piling on more debt is to close your accounts. You can call your credit card company and close your account to future purchases. Now you’ll know that the only movement your account will be making will be towards a zero balance.

Finally, the strongest step you can take towards eliminating credit card debt from your life is to make paying your current debts off a priority. Start by drafting a budget and including debt payments in your budget. Don’t just pay the minimum payments required by your card company, though. Really push yourself to pay down as much debt as you can each month. Once you get the ball rolling, you’ll be surprised how excited you’ll get and how much easier it will be to find extra money to send to your debtors each month.

Content provided by Not Made Of Money: Eliminate Credit Card Debt

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The first step to correcting credit report errors is to discover them. It is imperative that you check out your credit report at least once a year. Fortunately, U.S. law entitles us to one copy of your credit report each year from each of the three credit reporting agencies. You can request all three of them at one time, or select one agency at a time. (I prefer this method because it allows me to view our credit reports three times each year, but either method is okay.)

Once you’ve gotten access to your credit report, be sure to look it over carefully. Do you recognize each creditor listed? Is the status of each of your accounts reported accurately? Pay specific attention to your payment history, as well. A close inspection of your credit report should reveal any errors that might be hiding there.

After you’ve determined which information on your report is incorrect, you’re ready to get it corrected. If you’re accessing your report online, getting the process started may be as easy as clicking on a button. Look for a button that says something like “report an error.” From there you should be able to give details about which item is incorrect and how it is incorrect. Don’t forget that you could also choose to write a letter to the credit reporting agency that reports any errors you find. The address should be found towards the end of your credit report.

In many cases, reporting the problem to the credit reporting agency is enough to get it corrected. The agency will contact the company involved and ask them to verify the information they’ve reported. The company will then realize their mistake and update their records. Occasionally, though, you may have to dig a little deeper to get the problem corrected.

In cases where the company reporting the bad information doesn’t immediately realize their mistake, you will need to contact them directly. You should write them a letter (you can get their contact information from the credit reporting agency, if necessary) outlining the situation. Explain to them what their mistake is and provide copies of any documents you have that support your position. For instance, if you settled an old account for a lesser amount and it is still being shown on your credit report as past due, you should provide a copy of your payment for the settlement amount and a copy of the settlement letter. Finally, your letter to the company should insist that they correct the information they have reported to the credit reporting agencies.

After you’ve worked out any discrepancies with the company that has reported incorrect information to the credit reporting agencies, don’t forget to follow up with the agencies to make sure that the information has been corrected. Then, you can relax a bit until it’s time for your next credit report review.

Content provided by Not Made Of Money: Credit Report Errors – How to Fix Them

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In many cases, these credit card offers can be very appealing. One card might offer 0% interest on balance transfers. Another card may offer you 20,000 bonus miles after you make your first purchase with that card. The offers can be as varied as the credit card companies you will encounter.

Before you jump at the next credit card offer that appears in your mailbox, though, let’s talk about the credit card features that you should be on the lookout for. Hidden in the “fine print” of the offer, these details can turn an attractive credit card offer into another piece of junk mail.

Be Aware That Many Credit Card Offers Have Promotional Periods

If you are interested in transferring the balance from a high interest rate credit card to one of these cards that feature 0% interest, you should definitely be on the lookout for an end date to this promotion. You may still decide to take advantage of this offer to save the interest that you are currently paying, but knowing the end date of this promotion will help you focus on paying off the balance before interest starts accruing.

Some Card Offers Will Have Specific Payment Requirements To Continue The Promotion

Many credit card offers are dependent upon your making regular monthly payments. As soon as you miss a payment or are late with a payment, the promotional offer will disappear. If you take advantage of any credit card offer, make sure that you keep an eye on your account and ensure that your monthly payment is posted on time, every time.

Card Offers May Have Limitations on Rewards Earned

I’ve seen tons of credit card offers that claim that you will earn 5% for every dollar you spend. However, that statement is usually followed by an asterisk that refers you to some tiny print at the bottom of the page. Upon closer inspection, you find out that you only earn 5% rewards on purchases with certain types of merchants. Or you find that you only earn 5% when you spend more than $1,000 each month. Suddenly, that offer doesn’t look as appealing.

Watch Out For Credit Cards That Only Waive The Fee For The First Year

Many credit card offers waive annual fees for their card for the first year. So, you sign up for the card and start taking advantage of its rewards. A year later, however, you’re slapped with a high annual fee that you didn’t even realize you were liable for. Ensure that the card you’re signing up for doesn’t require an annual fee or that you are comfortable with the rate of the fee when it does get imposed.

Content provided by Not Made Of Money: Credit Card Offers – Be Sure to Read the Fine Print

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If you’re in this position, try not to worry. Having a credit card closed isn’t necessarily the end of the world. You’re just going to have to change a few things. Here’s what you need to know.

When a credit card account is closed, you don’t have to pay it off immediately. Your account being closed simply means that the account is no longer open to new charges. If you were trying to pay off your credit card debt, this change isn’t a problem. You weren’t charging anything to your card anymore, anyway. Your terms are frozen as they are (minimum payment calculations and percentage rates), and you can continue to make payments to pay off the debt.

Now, if you are still using your credit card, your position is slightly different. You’re going to have to change the way you handle your monthly expenses. Do you have several payments on auto-pay? Even if you don’t carry a balance on your card from month to month, you’re going to have to change these auto payments. Turn off that auto payment, and find another way to make these payments. Don’t wait until your vendors are unable to process your payments to start making these changes or your credit rating will suffer.

Finally, you may want to replace your credit card. Although I don’t want to encourage anyone to use more credit cards than they have to, there is certainly a time and place to use them. I like to take a credit card with me when we travel. If that card were closed, I would want to replace it with a different one. Take your time, though, and select a card that works for you. Pay attention to interest rates and annual fees.

Content provided by Not Made Of Money: What to Do If Your Credit Card Gets Closed?

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You have the right to know what’s in your credit report. You can now request a copy of your credit report from each of the three credit reporting agencies once a year at www.annualcreditreport.com. These reports are provided free of charge, and don’t require that you join any monitoring service.

You have the option of disputing any wrong information in your report. By notifying the credit reporting agency who reported the bad information, you force them to attempt to verify the information. Once it’s disproved, the information will be removed from your report.

You have the right to have outdated information removed from your report. Most negative information that is over seven years old must be dropped from your report. Bankruptcies, however, can remain on your report for as long as ten years. If you find old information on your credit report you can follow the same dispute steps that you follow for incorrect information. Once the reporting agency confirms the age of the information, it should remove the information from your report.

You have the right to know when your credit information is used against you. For instance, if a potential creditor denies you credit due to something in your credit history, the credit must tell you. In addition, he must provide you with contact information for the credit reporting agency they used.

You have the right to find out what your credit score is. While obtaining your credit score will usually cost you a fee (determined by the reporting agency involved), it can be valuable information for you. If you purchase a home, however, you often receive a copy of your credit score information during the home financing process.

Content provided by Not Made Of Money: Fair Credit Reporting Act – What It Is and How It Affects You

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