Credit card debt is the bane of every person who chose this path. Yes you promise yourself to pay for all of it every month, but let’s face it, there’s a time that you can’t avoid overspending and you end up with more than you can pay for. You promise to pay for it the next month then you end up overspending again. Your debts pile up until it’s larger than what you can pay for and you’re on the verge of filing for bankruptcy.
Although some people come out of the hole that is credit card debt, oftentimes, they become stuck. If you’re concerned about being stuck, or if you have too much overhead debt than you can handle, maybe its time for you to consider outside help. However, if you think you can handle your own credit card debt problems, then this article may be able to help you a little bit.
There a few steps that you have to take to get rid of Credit card debt. Unless you want to be a slave to the creditors and the banks for the rest of your life, its better that you decide to get rid of your debt sooner rather than later. After all they get more money the longer you keep the debt active.
It’s all in the mind
The first step towards getting rid of your credit card debt is getting the proper mindset. Its not just telling yourself that you have to get rid of your debt, actually, it helps if you get mad and enraged at banks for taking your money from you, for making credit so easy to make and so hard to pay. This mindset motivates you towards, well revenge, which isn’t really bad as long as it helps you pay for your debt.
Stop spendingNext you should get mad, at yourself. Yes, if you’ve always wanted to wallow in self pity, and self blame, this is the time to do so. Get mad at yourself for being so fooled so easily. Once you’ve beaten yourself long enough, then you can promise never to do it again, after all, prevention is better than cure.
Well you can’t stop spending altogether, but you can stop overspending. Put your credit cards in inconvenient places and only keep one in your person for emergencies. Promise yourself not to incur any more credit card debts.
Get your interest rates reduced
Well it’ll be a hard and most probably fruitless engagement to get you interest rates reduced, but you owe it to yourself to give it a try. Just think of the money you’ll save if you do succeed.
Budget
It’s a dreadful word, and most people live without it, you can if you’re not under the heavy weight of debt, but you are so it’s wisest to make a budget. Account for what comes in and what comes out. Make sure that every last cent is accounted for and is worth spending.
Cut off on other expenses
Well if you want to pay off your debt, you’d better get it from somewhere, and I don’t mean looking for a loan. You’d have to cut off on expenses like that expensive weekly dinner, or the new pair of shoes that you wanted or that trip to the ski mountains. With the money that you’ll be able to free up, plus the money meant for debt payment, you’ll be rid of those credit card debts in no time.
Have a payment scheme
You can’t just dump you money on the bank’s doorstep ad leave it there for them, no you have to distribute your payments wisely. If you have several credit cards, you’d want to pay off the one with the highest interest first. Using the money freed from expense cuts pay the one with the highest interest, with something more than the simple monthly requirement. Once it gets paid off, use the extra money to pay for the debt with the next highest interest. The aim here is to pay off all your debt, so if you just pay the monthly requirement, you wont be getting anywhere.
Self control
Finally you’ll need self control, from the payments, to the budgeting to the expense cuts to the payments. You’d better have the willpower and the stubbornness of a ram to pull this off. Remember to keep to the promises you made to yourself, and regularly beat yourself up for getting in debt, so you don’t forget. And once you pay off your debt, try not to incur any more.
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