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.

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Do It Yourself Debt Consolidation

No one will eliminate your debt (credit card debt, student loans, auto loans, etc) for you, but yourself. It's as simple as that. You do not have to pay a professional debt counsellor a hefty sum of fees (which will get you into more $$ debt?) just so he can "advise" you. This is what this website is for!

Many debt counsellors will tempt you by saying they can take your thousands of dollars of debt and shrink your 12 credit card payments into 1 "consolidated monthly payment" of only $200! They are probably hoping you are an idiot and will fall into this scam. Infact, I receive about 1 spam email every day claiming lines like:

"Debt Relief is just a Click Away!"
'Reduce Your Monthly Payments by 50%!"
"Eliminate Interest Payments to 0%!"

A consumer who carries a huge amount of debt load will probably fall into traps like these because he is confused and does not know where to seek help. In this Do It Yourself Debt Consolidation section, we will provide you with useful resources that will help you with your debt elimination efforts.

Creditor's Database: A list of all creditors and collection agencies in USA, their contact details and their debt settlement policies. Our forums will also provide reviews of these creditor's business practices and ethics.
Sample Letters: Sample letters you can use to communicate with creditors and collection agencies. We also incorporate letters to communicate with harassing collection agencies by using the guidelines specified by the Fair Debt Collection Practices Act (FDCPA).
Advanced Calculators: We provide you with advanced debt calculators such as the Debt-Income ratio calculator, APR Calculator (Annual Percentage Rate), Credit Card Payments Calculator and more.
Debt, Money Management and Budgeting Spreadsheets in MS Excel Format: Lots of sophisticated helpful MS Excel spreadsheets helping you keep track of your debts and manage them better, with a long term goal of paying them off. Included are also spreadsheets that help with monthly budgeting of expenses.