Self-help debt reduction information is often sought by people with burdensome credit card, tax, or education expenses. Excellent books can be found that deal with budgeting and financial planning. Money management seminars on the topic of self-help debt reductions are available through local community colleges and through major financial lenders. And, of course, the topic can be handily researched through the Internet.

However, most of the online sites one reaches by searching for information on how to reduce loan balances actually include links to companies that offer services in the areas of consolidation, negotiation, or home equity loans. Many of these companies are non-profit, which is often preferred over for-profit companies. If a debtor is searching for self-help debt reductions, it is likely that he or she has not yet reached the point of having lawsuits threatened, but may be receiving harassing telephone calls. The sooner one can start the debt reductions, the better.

Credit card companies have made it a practice to send information through the mails frequently offering low-interest rates for debt consolidation as a self-help debt reduction method. Sometimes those offers are genuinely helpful, but it is important to read all the fine print very carefully. If, for example, a low-rate teaser ad is offered and the time period will not be long enough for the debtor to pay off the balance, then that offer is not a good fit for the current needs. If the low interest rate is guaranteed for the life of the note, then it is worth considering. The best defense against mounting card balances is education. Referring to such wisdom, Proverbs 3:15 says, "She [is] more precious than rubies: and all the things thou canst desire are not to be compared unto her." Once the outstanding balances have been reduced or, better yet, eliminated, then the counseling available in the books or seminars will help to avoid credit problems in the future. For many people the best self-help debt reductions include examining the cycle of spending and the reasons for climbing balances in the first place.

Debt reduction seldom happens until the pain of debt exceeds the joy of spending.

Yes, i agree with Dru, the ways to cure this permanently just need to change in habits....


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a penny a day, make life happy always

I was actually thinking of doing just that, got an offer for a lower interest that I can use to pay off my higher interest cards. The low APR of 1.99 stays with the loan for 8 months or I can choose 5.99 APR for the life of the loan.

What is the best option? I do plan on paying it off as soon as possible so im leaning more toward the 1.99 APR. But then again i cant predict the future..

Debt consolidation is stupid. It's your debt so deal with it. You got yourself in that situation, why do you need the help of others. Don't be an idiot and spend more than you make. Those who save for food, oil, and water are wise. Those who spend it all are a fool.

Sorry that everyone is not as blessed and as wise as you are there nathanw83. I also hope you got the aggression out as needed. And now back to what these forums are here for... helping people.

green_bay,
I would definately suggest doing a bit more shopping first. a lot of credit card companies will offer you 0% for 1yr if you look hard enough. If you are going to take one of the two offers presented to you now I would probably take the 5.99 for life just because life is full of unexpected suprises. Although you plan on paying it off soon something may come up and you don't want to be stuck paying an outrageous interest rate down the line.

Well, money is there to be spent - but spend needs managing. Debt problems are usually caused by poor management, hence people with debt do well to ask for tips on how to manage their debt, and their spend, to repair their situation.