Lose That Credit Card Debt

The average American has over four thousand dollars in credit card debt. That’s a lot of money! It is all too easy to get caught up in credit card debt, but losing that debt is a challenge. Resolve not to get discouraged and frustrated; that will only make you give up on getting out of debt. You can overcome credit card debt.

Here are some ways you can manage your credit card debt more effectively:

Make a Goal – Set a Deadline

One of the things you can do to help manage your debt a little bit better is to set up a goal complete with a deadline with and for yourself. Figure out how much you owe and how much you want to pay that down, and in what time frame. Write a contract for yourself and sign it, and ask a friend or family member to witness that and sign it for you, too, so that you aren’t the only one who knows what it is you are supposed to be doing. Accountability is powerful.

Cut Corners, Find Money

Obviously, in order to kill your debt you must free up extra cash. Figure out where you can cut out all unnecessary spending. Remember, this won’t be forever. Once you’re out of debt you’ll be more careful to never be a slave to credit card companies again. Keep in mind that little things add up. Don’t dismiss the few bucks you spend here and there. At the end of the month it really adds up. Tracking your spending, writing down each cent you spend, can help make you more aware. Make it fun to save money and involve the whole family in your efforts. If possible, perhaps you could figure out a way to earn some extra money in order to accelerate your debt payoff.

Call Your Creditors

If you let your creditors know that you are working on your debt and ask (beg!) them to help you by lowering your interest rate. They just might agree to! If you get offers for a low introductory rate on another card, tell them you’ll switch your balance. They may lower your rate in order to keep you as a customer.

---

If you liked this post, submit your email address below to get new posts by email:

Disclaimer: This website is not a substitute for consultation with your health care giver. You should not use any of the exercises or treatments mentioned in this website, without clearance from your physician or health care provider.

Disclosure: When I mention products, you must assume I will receive compensation for doing so. However, I only recommend products and services I myself use or believe in and would recommend to my own sisters and mother. Nevertheless, you should perform your own due diligence before purchasing a product or service mentioned in this website.