We all remember how it felt, getting our first credit card. After years of slaving it off at college, getting our first job was a big accomplishment. We remember how we all spent our first paycheck. Maybe we treated mom and dad to a fancy dinner to thank them for financing our education and its our little way of paying them back. Maybe we bought our first cellphone or laptop or LCD tv which of course we paid for in cash. But we soon realize that there is another way to spend. We were introduced to credit cards! It was fun at first, getting the things we wanted which normally we could not afford given our measly paychecks but soon the fun part becomes almost an addiction and we practically cannot live with our credit card.
At this point, we already have multiple credit cards having sizeable credit limits which we oftentimes max out. And the bills keep on coming and coming. We fall prey to the “pay only your minimum amount due” without realizing that we are getting ourselves in credit quagmire. We soon find out that our outstanding balances have ballooned almost overnight because of high interest rates and penalties and charges for not paying on time. Even though we are not spending anymore, a sizeable amount of our paycheck still goes to paying off our bills. We are forced to change our spending habits and start seriously thinking of saving. But given the low interest rates for savings, which by the way is way lower than interest rates for spending, sometimes saving is not much of an option. We should look for other means to get ourselves out of debt.
Well the same credit card companies which caused your credit quagmire also offer the solution. They could give you credit tips to help you get out of your sticky situation. A credit card debt consolidation loan is being offered by almost all credit card companies. They give you the option to take out all your outstanding credit card bills and consolidate it into one single loan with lower interest rate. But before taking out this type of loan, you should first analyze your financial situation.
Obviously, you are in a bad place but to help you to really define your situation you would need a debt consolidation calculator. This calculator is available online at websites offering debt servicing. It involves inputting such related info as your net monthly pay, your various outstanding credit card bills and perhaps your other fixed monthly expenses. It will compute how much you can actually afford to pay for a consolidated loan. It will help you see how long you can actually pay your loans and eventually be debt free. More and more people are finding debt consolidation calculator very useful. In fact, the popularity of the California debt consolidation help has risen over the years because the undeniable consumerism in California. People just cannot escape the spending. They find themselves more and more in debt with their multiple credit cards and have to resort to debt consolidation help to get them out of debt.
Troy Charles G. Burton is a financial analyst who enjoys writing about debt consolidation calculator and California debt consolidation as well as other financial services.
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