Curadebt Review Update

Updated the Curadebt review and recommendations.  If you have over $10,000 in credit card debt, tax debt or unsecured debt, and you are overwhelmed then read the review and get help with your debt.

To save time, you can read the full Curadebt review here.


Credit Debt

You probably know that feeling of giving in to temptation when it comes to making a must-have purchase. And it`s so much easy to cave in when you can pay for it with plastic rather than cash.
But credit cards, just like insurance, loans, buy to let mortgages or any other financial product should be treated with respect. In other words, make sure you really know what you`re letting yourself in for. What might seem a great idea now could turn into a huge problem in the future.
With credit cards, it`s important to properly understand how they work and why the providers are so keen for you to spend money on them.
Consider this example to see how credit card debt can end up costing a great deal more than you might have thought. Jane splashes out on a designer handbag. It costs $1,000, but she reasons that if she puts the purchase on her credit card she`ll only need to pay off the minimum each month, because it will only come to $20.
So far, so good. Jane buys the handbag and can easily afford to make the $20 monthly minimum payment (which in this case equates to 2% of the original amount). She continues to do this until the debt is cleared.
However, what she hadn`t bargained for was that it would take so long! Because she`s only paying off the minimum amount each month, it takes Jane a staggering 16 years to clear the handbag debt. By this time her designer bag will have long ago been consigned to the back of the wardrobe.
During those 16 years, assuming an APR (annual percentage rate) of 15%, Jane will have paid back not only the original $1,000 cost of the bag, but also a whopping $1,214 of interest. The bag will have ended up costing her $2,214, well over twice what was on the price tag.

The Evil Effects Of Compounded Interest on Card Debt

Credit card interest can be compounded daily or monthly, which means card debt can easily get out of control if you have a high balance and high interest rates.

Most charges are computed daily, i.e. compounded daily. To calculate the daily finance charges, credit card companies multiple the daily balance by the periodic rate. This daily finance charge is calculated on a daily basis and the result is added to the outstanding balance.

One Cure for Card Debt – Make More Money

Make more money.  Sometimes that is “easier said than done” but there are some methods that could generate some extra cash to use on paying down card debt, if you are willing to put in the time.

Sell unwanted items.  You can sell items on eBay, craigslist or pennysaver.  Most people that buy on eBay or penneysaver are looking for bargains so you may not get the high prices you want.  Garage and yard sales can also give you some extra cash.

Take on extra projects at work. This generally works best if you are paid on an hourly basis or get paid for overtime.

Keep Card Debt Under Control – Avoid Late Fees

Your credit can be ruined if you are constantly missing payments or are paying your credit card bills late.  When you miss payments, fees and penalties add up fast. Card debt can get out of control fast to the point where you won’t be able to even pay the minimum  payment. 

To make sure this don’t happen to you, you should always pay your bill on time; always avoid missing a payment.  If you can’t pay the entire amont due you should always pay the minimum payment amount.  You may be able to pay more later.  When you have more money, you may be able to send in an additional payment later in the month.