Tips on How to Get Out of Credit Card Debt
Credit card debt can be devastating to you finances and your health.
But it doesn't have to be that way.
There are ways you can get out of credit card debt.
It will take time and the perseverance to stick to a plan.
The logistics are quite simple, but it will probably test your discipline and resourcefulness.
The first step is very simple-STOP CHARGING.
If you cannot pay for daily expenses without the use of credit cards, you may want to consult a debt management specialist.
Begin your debt repayment plan with the account that has the smallest balance.
Pay as much as you can toward that account each month and make minimum payments on all the other accounts.
Follow this process until all your accounts are paid off.
Divide your payment amount in half and make 2 payments each month.
With interest being accrued daily that will save you 15 days worth of interest each month.
If have extra money, even if it is a small amount, pay it against the credit card that you currently in the process of paying off.
If you are able to do this once in a while it will add up and save you time and money.
Here is the biggie.
Come up with extra money.
You would be surprised at how far $10 a day will go towards paying off credit cards.
That is an extra $300 a month.
Some people can cut out eating out and they will have the extra money.
Start by seeing what you can cut of your daily expenses.
This can be anything-your morning latté, eating lunch out everyday, premium cable channels.
Look at where your money is going and eliminate or reduce.
Get rid of things in your home that you no longer need or use.
You can have a garage sale, take things to a consignment shop or list them on one of the many online auctions.
These are things that are easy and don't take much effort.
Look for ways to make extra money.
Take a hobby and turn it into a business.
The internet is a great resource for making extra money.
Watch out for the scams, but your options are limitless on the web.
Think outside the box.
This is a resource that you will have even after your debt is paid and can give you future that you had only dreamed of.
But it doesn't have to be that way.
There are ways you can get out of credit card debt.
It will take time and the perseverance to stick to a plan.
The logistics are quite simple, but it will probably test your discipline and resourcefulness.
The first step is very simple-STOP CHARGING.
If you cannot pay for daily expenses without the use of credit cards, you may want to consult a debt management specialist.
Begin your debt repayment plan with the account that has the smallest balance.
Pay as much as you can toward that account each month and make minimum payments on all the other accounts.
Follow this process until all your accounts are paid off.
Divide your payment amount in half and make 2 payments each month.
With interest being accrued daily that will save you 15 days worth of interest each month.
If have extra money, even if it is a small amount, pay it against the credit card that you currently in the process of paying off.
If you are able to do this once in a while it will add up and save you time and money.
Here is the biggie.
Come up with extra money.
You would be surprised at how far $10 a day will go towards paying off credit cards.
That is an extra $300 a month.
Some people can cut out eating out and they will have the extra money.
Start by seeing what you can cut of your daily expenses.
This can be anything-your morning latté, eating lunch out everyday, premium cable channels.
Look at where your money is going and eliminate or reduce.
Get rid of things in your home that you no longer need or use.
You can have a garage sale, take things to a consignment shop or list them on one of the many online auctions.
These are things that are easy and don't take much effort.
Look for ways to make extra money.
Take a hobby and turn it into a business.
The internet is a great resource for making extra money.
Watch out for the scams, but your options are limitless on the web.
Think outside the box.
This is a resource that you will have even after your debt is paid and can give you future that you had only dreamed of.
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