Americans from every walk of life are falling into a deep hole as far as debt is concerned. Many of us have home mortgages, car loans, credit card debt, and even debt on our store cards. Each and every month, people are struggling just to make the minimum payments on their credit cards, getting further and further into debt and not saving anything for their retirements. And even though a home loan will help you build equity in a very positive asset, credit cards are a very tempting way to get further and further into debt. Sound familiar?

Credit debt is a financial epidemic that affects millions of people around the world every year. Rather than live each day to its fullest, individuals suffering from credit card debt are forced to pay off their expenses from the past.
Does this sound familiar? If so, then let me encourage you to attack those credit cards and start living debt-free

I know you may be skeptical about living debt-free. It seems like such a pipe dream. And even though it is well within the reach of each and every one of us, it is not an easy task, especially if you are thousands of dollars in debt to the credit card companies. And even though there is no quick fix to your credit card debt problem, there are ways to eliminate your debt and live debt-free.

The first step - which is the hardest - is to get rid of all the credit cards so you wont be tempted to use them. You may feel like you are dependent on your plastic, but you need to eliminate this temptation. You will never get out of debt and live debt-free if you continue to spend on these high-interest credit cards. So you need to set one credit card aside for only dire emergencies (and you should select the card with the lowest interest rate) and take out your scissors for your card-cutting ceremony. Make the decision to get out of debt and cut up the rest of your cards.

Now, if you are already in financial difficulties, you may need to take some other steps to get on track. One of the best ways to lower interest rates and simplify your life is to take out a debt consolidation loan, assuming you can qualify. A debt consolidation loan allows you to pay off all of your outstanding credit card debt and now have only one monthly payment to worry about. And, best of all, you will usually get a much lower interest rate for a debt consolidation loan than you had for your credit cards, saving even more money.

Another option for those in financial difficulty now is a Debt Agreement with your creditors. For those who are having difficulty making minimum payments, you would talk to your credit card companies and negotiate a payment compromise that allows you to control the amount of money that you pay every month. A Debt Agreement is a last resort prior to filing for personal bankruptcy, and should only be considered in the most extreme of circumstances. And, the credit card companies may always reject your proposal.

If the credit card company agrees to the Debt Agreement, here are some forms that the agreement might take:
- Payment of less than the full amount of some or all of your debts;
- A moratorium on payments for some period of time to give you a chance to save funds;
- Transfer of property from the debtor to the creditor as full or partial payment of debts,
- and payments directly out of your income to your creditors.

Hopefully, you will not need to go to these extremes as you take back your financial future. So make the decision to get out of debt today

Petra Shulde is the owner and operator of http://fixndebt.com Fixn Debt /a , a leading Internet portal for debt information. For more debt information and resources, be sure to visit:
http://www.fixndebt.com http://fixndebt.com

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