1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will term you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have atleast 2 credit cards and 14% of them have 10 or more credit cards.

(View Archives)

Specialized debt help from the experts in Oklahoma City

How did This Happen?

You are looking at the stack of monthly bills, many of which are for credit card debt, and you are wondering how it all happened? You are not alone, as 70% of American adults feel the same way. It happened over time, as you purchased things you "had to have," and did not have the cash for. It happened as those emergency expenses arose for which you had not savings. It happened as you took those cards to the mall for Christmas shopping.

What To Do Now?

You can choose to do nothing, as long as you are currently making your payments and having no fun. But, you must resign yourself to a lifetime of debt if this is your choice.

You can choose to take the plunge to call your creditors and try to negotiate lower interest rates and lower payments, perhaps a reduction in your total debt amount. If you are seriously behind in payments, they may be willing to do this, but your negotiating skills have to be pretty good.

You can choose to contact a debt relief organization and get some professional help. You hear them advertise daily on television and radio. They have pop-ups on many Internet sites. Who can you trust? How do you choose one that is ethical? Look at the following list, as you go about selecting the firm that is right for you:

Are the counselors certified and the firm affiliated with national associations?
How long have they been around?
Are there complaints with the Portland Business Bureau of the state's attorney's office
Do they offer complete financial analysis for free? Do they provide education and training for free?

If the answers are yes, you will be more assured of getting the debt help and professional service you need. Remember, these organizations all charge fees for some of the more complex services, such as debt management plans and pre-bankruptcy counseling, if these are found to be your best strategy.

In Oklahoma City, you can find a number of solid debt help organizations, most of them being nonprofit. Two you might check into are:

Clearpoint Financial Solutions (www.clearpointfinancialsolutions.org)
CCCS of Central Oklahoma (www.cccsintl.org)

You Must be in Charge

Choosing the right organization is a big step. Now you need to follow their advice and counsel, because they have the experience and knowledge. As you work to eliminate your debt, cut as much fluff out of your budget as possible. You don't have to live like a hermit, but look at this whole process as a game. Find ways to cut more as you go through each month. Plan cheap outings; take your lunch to work; plan shopping and errand trips to use as little gas as possible; don't enter a store without a list.

Visiting cheap in Oklahoma City

Anyone traveling to Oklahoma City on a budget will find great food, lodging and attractions at reasonable costs. The Farmers Market, the Photography Hall of Fame, the Western Heritage Museum and Martin Park are all great places to visit. The Metro transit system, with its busses and trolley system are great ways to get around; food is in abundance and truly affordable - try El Chico or Texadelphia. Oklahoma City on a budget is truly a great experience.