Are you in over your head with credit card debt? Are you consumed with stress about how you’ll pay the balances on your cards? It might be time to take concrete action. Worrying won’t eliminate the balances, but mustering the discipline to adhere to a well laid out plan will. Follow these recommendations from the experts and you’ll be on your way to eliminating credit card debt for good.
Take advantage of the deep discounts offered by Groupon coupons and invest in a spreadsheet program from the huge selection and value offered at Best Buy. Pay cash for this! List all of your credit cards and store charge cards and their balances and interest rates on the spread sheet. Have the cards with the lowest balance at the top of the list, and those with the highest balances on the bottom of the list. Know that as you make you plan, the minimum balance on each card must be paid on time every month. Avoid the temptation of succumbing to the advertisements from companies that make false promises to eliminate your credit card debt for a fee by negotiating with the credit card companies. This is more often than not a scam and will certainly ruin your credit for years to come.
Commit to reducing your discretionary spending at least 20 percent. You can use the spreadsheet to make a list of your discretionary spending items and from there decide which items to eliminate. Reducing debt means adhering to an austerity plan until your balances are paid in full. By all means cease using your credit cards.
Pay down the cards with the lowest balances first and leave these on the spread sheet showing a zero balance. This will serve as the motivation you need to show progress towards your goal. Forgoing just one cup of designer coffee a day and lunches out of the office with coworkers can result in huge savings. Best of luck of your journey to financial freedom!