Aug 22, 2013

Attain financial freedom by reducing your credit card debt

GUEST POST by: Ryan Jones

financial-freedomWhen it comes to financial freedom, then credit card debt can form one of the foremost barriers to it. You see, as a consumer your first focus should be to reduce credit card debt if you’re looking to attain financial freedom. Generally it’s seen that credit card companies go on to entice their customers with some low introductory rates like cash advance checks and so many other promotional gimmicks. However, it’s nothing unnatural for you to have not realized that you were actually putting yourself up to the mercy of the credit card companies. Nevertheless, what’s done can’t really be undone; but you can very well take steps to reduce credit card debt provided you’re determined enough.

5 Strategies that can help you reduce credit card debt

Check out the following strategies that can help you reduce credit card debt and ultimately secure yourself financial freedom.

  1. Do formulate a list: The very first thing you should do is formulate a list of all your credit cards and make it a point to start with the smallest balance right on top of the list. This means, your largest balance should come at the bottom. Moreover, you should also take care to write down the minimum payments as you start paying off the balances due.
  1. Pay the current minimum: Make it a point to pay the current minimum on your account, or perhaps even more every month. You see as the balance keeps going down, subsequently the minimum payment will be reduced too. This is actually one of the easiest ways by which you can reduce your credit card debt.
  1. Make use of extra income: Also, you should make use of unexpected and extra income to boost your credit card payments. Say for instance you receive some unexpected income or perhaps happen to generate some extra cash, then make it a point to use this to boost your credit card payment. Don’t think of a ticket to splurge on or a dress worth buying when you get cash in hand, because on doing so you’d simply compound your credit card debt.
  1. Consider liquidating savings accounts: You could also consider liquidating your savings accounts when looking to pay off your credit card debt. However, when trying to do this please don’t end up liquidating your retirement funds for it has got penalties involved which are prohibitive in nature. On the other hand, you can liquidate those savings accounts which have a rather low rate of interest involved.
  1. Completely stop using your cards: When looking to reduce credit card debt, make it a point to absolutely not use your credit cards. However, that doesn’t mean you close your credit card accounts, simply refrain from using them anymore. Fact remains that you shall be unable to come out of credit card debt if you don’t refrain from using these accounts.

Make it a point to implement the above strategies and you’re bound to reduce your credit card debt soon enough and ultimately achieve financial freedom.

 

About the author: Ryan Jones is a renowned writer associated Debt Consolidation Care Community for the last four years and has written articles on several topics. She is an expert in solving money related problems of innumerable people. Some of his master pieces are based on topics such as finance, credit card, money saving tips, budgeting and so on.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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