You can plan and begin credit card debt elimination right from this minute.
You can start the process with a little bit of careful planning and a healthy dose of patience. Before you begin, however, make sure of your reasons and your commitment to eliminating debt.
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"Who goes a-borrowing goeth a-sorrowing."
- Thomas Tusser |
The process will call for all your reserves of discipline and sacrifice. The process will demand that you change your old spending habits like subscribing to high-end cable TV packages, or routinely going on unplanned shopping sprees.
If you are really ready to take charge of your finances and climb out of debt, first confront the debt and commit to doing whatever it takes to start winning at your personal finances.
Obviously, the most important thing you can do for long term financial freedom from credit card debt is to hold yourself to a set spending budget. Continued credit card use and associated high interest and fees will make credit card debt elimination almost impossible.
Distinguish between wants and needs and avoid impulse buying at all costs.
Eliminate unnecessary ATM visits and cash spending. This will free up more money to devote to debt elimination. Begin to associate real freedom with the fact you are making yourself stick to a budget.
Living by a budget will allow you to pool all available cash for debt elimination. Pay more than just the minimum amount on each credit card per month or establish a payoff plan. Some experts tell you to pay off the credit card with the highest interest rate first, while others recommend paying off the smallest balance first in order to gain momentum more quickly.
Regardless of which credit card debt elimination strategy you choose, maintain a regular bill-paying schedule and always avoid paying credit card bills late.
In addition, it is a good idea to seek ways of making a little extra cash, some additional income that would be devoted to the get out of debt action plan.
You can sell things around the house. Gather up the junk in the garage and all over the house, old board games, discarded clothes, old CDs, videos and video games and whatever else you see yourself never needing again.
If you are a typical family, chances are you have loads of such stuff cluttering your house and you can easily sell that so-called "junk" on EBAY for decent cash.
Once you have made a few sales and gained confidence, try to purchase wholesale (for cash or debit card only) and sell for a profit.
Alternatively, collect items from friends or family members and sell them, giving the person the bulk of the profit and keep a portion for yourself as a fee. Many people would happily let you sell their items on EBAY so why not take advantage of this opportunity and apply the proceeds to your credit card debt elimination plan.
Garage sales are also useful for finding items to resell for a profit. Visit garage sales in the higher-end neighborhoods towards the evening and offer a set amount for all of the remaining items.
Always remember the sheer peace of mind and wonderful sense of satisfaction and relief you will have when you are finally free of credit card debt. A solid credit card debt elimination strategy will be well worth your time and effort.
"If you think nobody cares if you're alive,
try missing a couple of car payments."
- Earl Wilson |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
