Credit Card Debt Help
Just thought I would drop in and tell you my credit card story, and about credit card debt help.
When I was eighteen yrs old I received an application for a credit card. I was only just out of secondary school and thought I was now a real adult and got very excited. Just think a credit card of my own. I had a job however it was not exactly a profession. I completed the application and in two weeks I had my very own credit card. WOW.
Nobody explained the way to utilize it or perhaps what to look out for, so I used my card and became a fashion plate at the office. My boss must have believed that he was paying me very much because I missed one raise.
Anyhow, long before I needed to seek credit card debt help, owning a credit card was a great experience for me. I remember that the first thing I did when I got it was to take my girlfriend to a fancy restaurant for her birthday. It was a great experience to hand the waiter my credit card when time came to pay the bill. My girlfriend was amazed. Still, I knew absolutely nothing of the possibility of credit card debt.
The best thing about the credit card was that all I had to pay each month was the minimum fifteen dollars at that time. And they kept raising my limit because they said; I was such an excellent customer. Well, it is many years later and several more credit cards later. That bare minimum payment has increased too many minimum payments, which I have now learnt since seeking credit card debt help, is not the way to pay your credit card debt. With minimum payments you';; never ever really pay the balance off. My credit cards are so high that I'm in what is known as "deep financial doo- doo." How do I get out of it?
I began to talk to financial counselors and learned that I was still not as bad off as some individuals with credit card debt; but that did not benefit me a lot. Knowing that you are as bad off as others only helps to lower ones self esteem. After all your financial responsibilities are exactly what inflate your ego and act as balm to your self esteem. I was now as little as possible. The financial adviser told me I had two options; I could file bankruptcy, or I could apply for a debt consolidation loan.
When filing bankruptcy, I was told, I may not be able to obtain credit at a proper interest rate later on, and I wanted to eventually purchase a home. It would also drop my credit rating with the three major credit reporting companies. A debt consolidation loan, if I qualify, would pay off all of my debts and I would have just one debt to pay. However, will I manage to get a low interest rate to make my payments easier? I had a lot to consider. In the end my decision was to get a debt consolidation loan.
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