Debt

Get Out of Debt Now

Paying off your credit cards can seem like a daunting and nearly impossible task, but it doesn’t have to be a burden. If you calculate interest and look ahead, you can make your credit card payments manageable.

Here are 8 steps to reducing credit card debt, from CreditCards.com:
1. Take stock– know where you stand in terms of your debt.
2. Get better rates– sometimes a simple call to your credit card company requesting they lower rates is all you need to do.
3. Track your expenses– all regular bills, all purchases, etc.
4. Create a budget– this budget needs to be real numbers and realistic spending.
5. Pick a payoff strategy– there are a few different types of pay off strategies. Click here to learn about 3 of them.
6. Put your credit cards away– don’t carry them with you, leave them at home- the point here is to plan to pay for things in cash as often as possible.
7. Have goals– it is important to stay motivated while paying off debt, and having good goals and people who know what you are working towards can help keep you on the right path.
8. Keep track– tracking your progress is a fantastic way of staying motivated and making sure you haven’t gone over your budget or outside the limits you set for yourself.

Remember, part of the key to paying off credit card debt is to stop racking up the bills. If you are paying the minimum amount due plus some in order to pay the card off, you can’t run out and spend that money on the card again. Learning to control your spending is a big step to becoming debt free.

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