What Not to Do to Escape Credit Card Debt
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by Wesley Gordon
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<font face="Arial, sans-serif"><font size="2">The
last thing you would want to happen is to have piles of debt that you
need to pay because you weren't able to pay off your credit card
bills on time. Here are some tips on what not to do to escape credit
card debt. </font></font>
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<font face="Arial, sans-serif"><font size="2">Do
not take a cash advance on another card. Doing a cash advance on a
credit card can be very expensive. Aside from charging you with a
high fee, you will also have to deal with having a huge interest
rate. Instead of being able to pay your debts, you are just adding
up more.</font></font>
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</li>
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<font face="Arial, sans-serif"><font size="2">Never
settle for asking a payday advance against your next paycheck to
settle your expenses. Although it offers a lot of advantages such as
extensions of loans, having no credit check and so on, you will only
be swamped with more bills to pay which includes loan plus fees,
amounting to double or triple the amount. Likewise, interest rates
can be as much as 100% or more of the amount you borrowed and that's
not a good thing. </font></font>
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<font face="Arial, sans-serif"><font size="2">Getting
money from your retirement savings is also a very bad idea. First of
all, you will get a penalty for withdrawing it earlier than expected
and worse, you will be taxed at your normal income tax rate for the
amount withdrawn. If you plan to withdraw money from this loan, and
you weren't able to pay it on time, you will be asked to pay for the
taxes and penalties on the amount borrowed, from which the loan
would have to be repaid in five years.</font></font>
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<font face="Arial, sans-serif"><font size="2">If
there are still other options which you can use to pay off your
debts, never settle on putting your house/properties on loan. If you
are not able to pay everything back, not only will your debts pile
up, but you there is a big chance that you will lose everything you
have put on loan. </font></font>
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<font face="Arial, sans-serif"><font size="2">These
are only some of the things that you should not do to escape credit
card debt. There are right ways or tips that can help you balance
your expenses and be able to pay all your debts on time, but that is
a different topic. For now, try not to exceed your credit card
balance and pay your balances on time. </font></font>
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(<font face="Arial, sans-serif"><font size="2">Wesley
Gordon is a 42-year old Online Marketing Director for a Payment
Processing Industry. He's been in the business for over 15 years now,
traveling around the world, attending lectures and seminars. Aside
from spending time with his wife and three kids, he also blogs. His
blog can be seen at <a href="http://acceptcardsnowblog.blogspot.com/">http://acceptcardsnowblog.blogspot.com</a>.
He is also currently updating <a href="http://www.acceptcardsnow.biz/">http://www.acceptcardsnow.biz</a>.)
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