http://www.debtreliefadvice.com/credit-card-debt/credit-card-debts/eliminate-credit-card-debts/ Eliminate credit card debts with help from one of the many debt relief programs available today. These programs can help you eliminate credit card debts for good. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 If you're trying to eliminate credit card debts, there are plenty of ways to do it, and we can tell you all about them. How to Eliminate Credit Card Debts for Good In this day and age, it's easier than ever to eliminate credit card debts. There are a variety of credit card debt elimination programs designed to help you with this seemingly lofty goal so that you no longer have to plod along, living paycheck-to-paycheck because of your high monthly minimums. Right now, credit card companies make the minimum 2% of your balance, but they're getting ready to double that to 4%. So your minimums are about to go up, which is one way to eliminate credit card debts. That's all fine and dandy if you can afford for your minimums to go up. If you can't though, you'll need to find a different way to eliminate credit card debts. That's where debt elimination program enter the picture. Most credit card debts can be paid off in five years or less with help from a debt management plan. This may sound like a long time, but if you continue to pay only the required monthly minimum on your credit cards, it could take you anywhere from 18-30 years to pay it off. Here's an example: A $10,000 debt at 18.5% interest typically takes 32 years and $24,500 to pay off if you don't pay more than the required monthly minimum. But when you enroll in a debt management plan, you lower your interest rate dramatically, allowing more money to go towards the principle. Here's a brief outline of a few of the most helpful credit card debt elimination program: Debt Consolidation - When you consolidate credit card debts, a debt management company negotiates with your creditors to get your credit card balances and interest rates lowered. Then the new, lower balances are combined, and instead of making all your monthly minimum payments to the credit card companies and getting nowhere fast, you make one monthly payment to the debt consolidation company, which they distribute among your creditors, and you end up getting out of debt in about five years. Debt Consolidation Loan - This is a low-interest loan given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. Because of the low interest rate, which is generally half of what you're paying now, you can have it paid off in five years or less. Debt Consolidation Mortgage - This allows you to borrow from the equity in your house to eliminate credit card debt. Your payment is combined with your mortgage, and you get the same interest rate as your mortgage. In some cases, the interest is even tax-deductible (check with your tax advisor to see if this will work for your tax situation). Surely one of these methods to eliminate credit card debts will work for you. To start your search for your debt management company, you can start on our Related Resources page, or do a simple Internet search. But don't delay! Every day you spend in debt is more time and money you're wasting. Sat, 26 Jul 2008 15:00:00 EDT