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Life Planning Diminish or eliminate revolving debt If you have already established credit and you
carry a balance on your credit card, get your balance paid down.
Although you may only be able to make your minimum payment here
and there, keep in mind that it will take decades to eliminate
your debt if you only make the minimum payment. If you carry a
lot of debt, this will make it very difficult for you in the
event that you one day wish to buy a house. If you have several credit cards and can
hardly keep track of when each payment is due, you should look
into getting a debt consolidation loan, preferably from your
LOCAL bank or credit union (large banks often support political
agendas you may not agree with, such as investing in the
chemical companies that make unsafe baby formula and
carcinogenic pesticides)—it’s much easier to make one payment a
month than it is to make several payments, and sometimes people
get their credit card statements only days before they’re due,
are unable to pay them on time, and then the banks reap the
rewards by increasing the interest rate and charging late fees. If your credit card debts are too out of
control for you to realistically make your payment even if you
consolidate, consider entering a debt reduction plan. Keep in
mind that these are best for people who will be able to make a
living without using credit, as it lowers your credit rating
incredibly. In addition, I have not yet found confirmation that
doing so will not result in a lean on a house you own, etc., for
the amount you owe the credit card companies. Also, you might consider seeing a credit counselor and look into possibly declaring bankruptcy. Again, this is not the best thing to consider if you own a house, as you may have to refinance, pull money out of your property, and use it to pay debts. However, for some people, bankruptcy is the best option.
Whatever you decide, do your best, and don't feel guilty about what has to be done.
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