If you choose the right path then you can not only manage your credit card debt but you can even eliminate it completely. Unluckily, in order to pay off their debt people often choose such debt ‘solutions’ that are worse than the debt itself!

Here in this article I have explained you few options for debt recovery to help you decide that which debt recovery methods you should try, and which ones to avoid.

Payday Loans

When people need money on urgent basis, payday loans seems to be the best option in front of them. But these loans are designed in such a way that it seems to be difficult to break the cycle once a person start borrowing.

There are many people who borrow against their paycheck only for paying their other bills for the month. They do this mostly at a truly outrageous and exorbitant interest rate.

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In my previous post I have discussed few parts of your monthly credit card statement and here in this article I am explaining the rest of them.

Grace Period:

It is a common question that how long do we have to pay our bill in full before we are charged interest?

The answer to this question is that if a balance is carried by you then you usually don’t have a grace period, and on new purchases interest accrues immediately. There is also a lack of grace periods for cash advances and balance transfers. For details you can check your credit card agreement.

Minimum Payment:

The lowest amount you can pay on your bill is referred to as minimum payments. Usually it 2% to 2.5% of the balance, though for some credit cards it could be as high as 3% to 4%.

Due/Pay-by Date:

Due/Pay-by date is that date on which your payment has to be recorded in the credit card company’s computer. You should remember that it’s not the date when your bill has to be postmarked, or it’s not even that date when the payment arrives at the company’s office. Typically, the bill cycle comprises of 29 to 31 days, and usually the payment is due 20 to 30 days from the date when the bill was printed.

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As the name suggests, a payday loan is a fast and easy method to get loan in a single day to meet your sudden, immediate expenses. A payday loan can be taken online and through instant approval, cash will be transferred to your bank account electronically within a day. Loan can be taken for an amount starting from $100 to $1500. It is the best method to meet your short-term financial needs immediately by using your personal computer while sitting at your own home.

Unlike other loan services, online payday loans don’t usually check your credit history. If you have ever been denied a loan, even then don’t hesitate to take the payday loan as they have a separate bad credit payday loan service. So even if you have to pay your creditors, you can do so by taking a payday loan.

Like all other financial transactions, all personal and financial information provided by you to get a payday loan is encrypted and therefore safe. When you apply for a loan, a member account will be given to you to handle all of your transactions safely. This membership account can also be used to update your profile or view your borrowing history.

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Payday loans are known by many names. they are called cash advances, payroll advances, deferred deposit loans, pay day advances and paycheck advances, post dated check loans and so on.

The idea behind Payday loans and other terms stated above is same. These are all short term loans that become due on your next salary or pay check. normally the length of loan is shorten than a month.

Lenders charge you a small fee in exchange of few hundred or thousand dollars they lend you till your next payday. They are normally most expensive form of borrowing but can save you in time of dire need.

Most lenders, located near your place of business or residence, require a physical verification of your identity and ability to pay back as security for their pay day loan.

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