If there's one thing almost all consumers have in common,
it's the desire to eliminate credit card debt. Whether it's
a few hundred dollars or a few thousand, credit card debt
can really put a dent in a household budget. Here are five
tips to help eliminate your credit card debt while building
a healthy and solid financial future.
1. No Minimums Apply
Credit card companies have this thing that they like to
call a minimum monthly payment. I call it keeping you in
debt for as long as possible while they make as much money
off you as they can. If you really want to eliminate credit
card debt, forget that the minimum monthly payment option
even exists (unless, of course, you're having a hard time
even making that payment).
Don't make the mistake so many consumers make by paying
only the minimum payment to each of their credit card
companies when the bills come in. Instead, pay as much as
you possibly can towards your credit card debt each and
every month.
2. We're Not Gonna Take It!
Shrinking grace periods, increasing interest rates, hidden
fees and charges -- don't put up with them! If you want to
eliminate credit card debt you need to avoid incurring
unnecessary expenses, and that includes the nickel and
diming that some of the credit card companies try to get
away with.
If you feel that your credit card company charges too many
fees or too high an interest rate, switch over to a more
favorable card. If you really want to eliminate credit card
debt, you need the right tools to do it. That includes a
credit card that works for you, not against you.
3. Sacrifice Is Necessary
Sometimes you have to sacrifice to get what you want and if
you really want to eliminate credit card debt, some
sacrifices are going to be involved.
You know that expensive vacation you've been wanting to
take? It's going to have to wait. And those $4 lattes
you've been guzzling almost every day? Gonna have to cut
back to once a week. All that money needs to go towards
paying off your credit card debt.
By eliminating expenses that aren't necessities (and those
lattes are NOT a necessity, regardless of what you've been
telling yourself) you can put extra money towards your
credit card debt each and every month.
4. Kill Two Birds With One Stone
Want to kill two birds with one stone? Clear the clutter in
your home while you eliminate credit card debt.
A garage sale is a great way to take a chunk out of your
credit card debt. Go through your home. Anything that you
haven't used in a year put in the garage and get ready for
a garage sale. Some consumers have been able to knock
hundreds of dollars off their credit card debt from the
proceeds of a successful garage sale.
5. Put 'Em on Ice
If you really want to eliminate credit card debt, you can't
be using your cards while you pay them off. If this means
locking them away in the freezer, then do it.
If you pay off $200 in one month and then charge another
$100, it's literally like taking two steps forward and one
step back. Don't do it. Avoid using your cards at all costs
until your credit card debt is eliminated.
Once your credit card debt is gone, you'll be able to save
more and spend more. You can go back to planning that great
vacation or indulging in the daily latte -- as long as you
have the cash to do it. While it may not be easy to
eliminate credit card debt, it is most definitely worth it
in the long run.
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For more tips on credit card debt, saving money and
avoiding getting taken, check out the credit card debt
section at CreditCardTipsEtc.com, a website that
specializes in providing credit card tips, advice and
resources.
http://www.creditcardtipsetc.com/credit_card_debt
