How To Get Out Of Credit Card Debt

I know I "harp on" about this a lot but it is very important. Your range of betting activities will be much more enjoyable if you are not punting using money from credit cards. And your decision making process will not be tarnished with the extra pressure that naturally comes with gambling with borrowed money.

For starters the odds of success are much longer if you are battling the "natural odds" against you in racing AND trying to fight credit card charges of 18% plus that you will incur if you are trying to fund your punting "bank" from a credit card. The odds against success then are just way too high to overcome on a long term and sustainable basis. If they weren't everybody would be doing it.

I still shudder when I think of the night I was watching a nightly "current affairs" show on TV a few years ago and a financial 'expert" was advising people to borrow money from the banks to invest in the share market - for goodness sakes( !!!)

So - how do you get out of debt?

The very first practical step you should take is to get your spending under control. You need to stop accumulating additional debt.
Many credit counselors recommend physically cutting up your credit cards. Most people have several thousands of dollars worth of debt and getting rid of their credit cards is a good first step. Even if you only pay the minimum monthly payment you are moving in the right direction.

Line up all your bills on the kitchen table and then add the monthly minimum repayments up to get an overall monthly minimum. You must pay this overall minimum PLUS a hefty additional chunk every month -- enough to make a solid dent in the outstanding balance of at least one account. If you can't pull this off, you'll have to make a drastic move to increase your income or lower your expenses OR your punting bank that you use for pleasure.

Asking for a lower interest rate.

Grab a bill from any account charging you more than 14% interest. Dial the toll-free number on the bill and ask to have your rate reduced -- say, to 11%. Tell them that you'd really like to stay with them out of customer loyalty (embellish according to your acting skills), but that you have received offers for much-lower-rate cards. Expect to be made very uncomfortable, but stand firm and remember that, to them, you are both a customer and a profit centre. You also stand to save a bundle. The more calls you make, the more persuasive you'll become.

You MUST make more than the minimum payment

If you have a credit card and only pay the minimum monthly payment you’ll end up in debt. If you paying the minimum payment only, $1000 on your credit card can become an 11 year loan, even with no extra purchases. If you don’t make the minimum monthly repayment off your credit card, you’ll have to pay extra charges and interest on top of your credit card balance. This will be so even if you don’t use the card for new purchases. A late payment fee will be added for payments after the due date.

You will get much more enjoyment from the sport of horse racing and punting if you are not doing it with borrowed money and that I CAN guarantee. I simply cannot give you better advice than this. And yes, I have been there and done that. Learning from others' mistakes is the best and, by far, cheapest education going!