Credit cards are almost as American as baseball and apple pie and we enjoy them almost as much until the statements come. If you are paying them in full every month, you have no worries and know why it is important not to carry credit card debt. It is the individuals that have several credit cards that have balances that need to think about changing the way that they manage their credit.

There are two big reasons for paying off your credit cards. The first is the amount of money that it will cost you to carry a balance. Most credit cards carry interest rates of 20% to 30% annually. So, even a $1,000 balance will cost you a minimum of $200 a year for not paying that balance off. For most people that carry balances, the total is much more than $1,000.

It is easy to see what you are paying for having a $1,000 balance. A 10 or 20 thousand dollar balance can be debilitating financially. You are basically just throwing that money away and the only way you going to avoid this travesty to pay the accounts off. If you have less than $5,000, get aggressive about making repayment and eliminating the debt.

A credit counseling program is an option that many people use the get out of debt. It is an alternative that allows you to consolidate your unsecured debts into one account without a loan. A loan is not something that you want when you are having financial problems. A debt management plan requires that you make only one payment each month. The payment is disbursed to your lenders by the credit counseling company.

Your debt is paid off more quickly through this type of plan because the interest rates on the accounts are reduced significantly. Your fees are also eliminated. The bottom line is time is money and the more aggressively you can repay your debt, the less you will be paying in interest on these accounts.

If you have more than $10,000 in debt, you may want to consider a debt management program. It will allow you Levitra to consolidate your credit cards without a loan. You interest rates will be significantly reduced and you can be debt free in 3 to 5 years by making a 2% payment. This option can give you the structure needed to eliminate your debt and move forward with your life.

Author Bio: Marjorie is an author that enjoys writing about health and finance. You can visit her latest publication at free credit card debt relief. Also, find information on how to get out of debt.

Category: Free Tools and Resources
Keywords: free credit card debt consolidation