You CAN Get Out of Debt On Your Own

There are many resources out there for those who are deep in debt. There are credit counselors and debt consolidation companies. There are lawyers offering to have your debt reduced for a fee, and in extreme cases, there is bankruptcy. With all of these choices, one might think that a person can’t get out of debt on his own.

The truth is that it IS possible to get out of debt on your own. Even those who think there is no room in their budget to pay down debt are often surprised. It takes willpower and determination, but you CAN get out of debt on your own.

So… how do you get out of debt on your own? Here are some tips:

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New Credit Card Rules Will Help Protect Consumers From Higher Rates

New rules for the credit card industry were adopted this week that will provide some relief for consumers.

One of the biggest rules is that credit card companies will not be allowed to raise interest rates on existing account balances.  They will be able to raise rates on future purchases, future advances and new accounts, but not current balances.  Having been a victim of increased rates on credit card balances in the past, I know this will be a big relief for people who carry credit card debt from month to month.

These new rules also prohibit credit card companies from allocating all payments to balances with lower interest rates when a borrower has balances with different rates.  This practice was done to ensure that the consumer paid on the highest interest balance for as long as possible.

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