Sunday, December 9, 2012

Credit Card Debt

There are some very simple ways that people can use to get out of credit card debt. Now, this debt is a real problem that threatens to put families on “lockdown”, with many people wondering how in the world, if ever, they will get out of their credit card debt and have it fully paid off. Believe it or not, some people who truly want to get out of this mentality find themselves addicted to using their credit cards, unable to stop. Here are a few ways that you can move forward and eliminate credit card debt.
  • Cut Up Your Cards: Temptation to use your credit cards will be strong. In order to get out of credit card debt, the first step is to prevent yourself from digging a deeper hole than you are already in. To do this, destroy all of your cards. It’s not enough to just take them out of your wallet; you actually should just flat out cut them up so that they can no longer be used. By doing this, you’ll ensure that you will not be racking up any additional credit card debt that you know you will be unable to pay.
  • Look Into Debt Consolidation: Most people who are in severe credit card debt are not getting this from one source; most people in these cases have a number of different credit cards. The problem with this is multiple due dates and billing cycles that are impossible to manage. A great way to help pay off your debt is to look into debt consolidation programs that will take all of your debt and combine it into one bill. This can help you make a progression with only one bill that needs to be managed each month.
  • Snowball Method: The snowball method can help you pay off your credit card debt as well. This works by taking all of your credit cards and arranging their payments from the smallest to the highest. You will then pay the minimum balance on the smallest card until it is paid off. Once this is done, you would have extra money to pay towards the next credit card bill, and this would continue until you had all of your credit card debt paid off. Again, this is a good option for those with credit card debt that come from numerous sources.
By following these easy steps, it is very possible to eliminate credit card debt from your life. It’s very depressing to feel like you are being held down from getting where you want to be financially, and its very easy to feel like simply “giving up” on paying your debt, but this is the worst thing that you can do. Work towards eliminating your credit card debt so that you can begin to move forward and be free of credit card debt. Don’t keep your cards, cut them up, and seek help and guidance from friends and family who will stand with you in your battle to be free of credit card debt.

1 comment: