Credit Card Debt - Poof It's Gone
by: TinaTWiller. |
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Credit card debt is a very big problem many people have, especially in the west. Many people are now paying enormous amounts in interest year after year because of their continued usage of credit cards, to finance almost everything. Though some might have landed up with credit card debt due to some unfortunate event or emergency in their life, most people carry credit card debt due to their own misuse of their credit cards.
Once you have accumulated credit card debt, it's not impossible to eliminate, but it could be difficult. Two of your choices are to hire a debt paying service or do-it-yourself. There are pros and cons to both. Debt charges usually charge a fee. Doing it yourself requires patience, discipline and planning.
It is similar to losing weight. If you want to lose weight and keep it off once it is lost, you cannot go back to the same eating habits you had before losing the weight. You cannot go back to the same credit card habits you had before, if you want to keep your credit card debt down. It sounds like common sense but unfortunately with us humans habits can be hard to break.
You have followed the plan you made or hired a debt-repayment-service, and after some time all your credit card debt is gone. Whatever you did to eliminate the debt continue with the same habits to keep it that debt monkey off your back. Whatever you do, do not fall back into the same habits you had before debt repayment.
So, it's not enough to just pay off your credit card debt. It is equally as important to maintain a debt-free status after you pay off credit card debt; only then can you enjoy a stress-free life in this world of credit cards. Learn your lessons well and do not let yourself loose on the path to another credit card debt.
There is much we can do within ourselves to change negative spending habits. We can develop a process for eliminating the original debt, which could take 60 to ninety days to implement. After doing the new routine for this period of time we should be acclimated to it, thus falling back into former bad habits won't be so tempting. A few easy rules to help us keep up the new routine are to:
1) If you don't need credit cards close all of them, cut them up and only pay cash. Studies show if you pay cash for everything, you spend a lot less overall period.
2) Only charge when you have absolutely no other alternative.
3) Pay off all your cards by the grace periods.
4) Don't hold more than 2 credit card accounts (two are enough for anyone).
The advice given above is from the experiences of one who has mastered the usage of credit cards. Credit cards are a wonderful tool if used properly. They can provide us with interest free loans, and offer us a lifestyle we might now otherwise afford. The problem and stress comes when we misuse them. Take the above advice seriously, and use it wisely. Join us in living your life to the fullest and having a Conscious Money Lifestyle.
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About the Author
Tina T Willer, MBA gives seminars, and is the author of Articles and E-books on Personal Finance and more. Her financial advice has aided hundreds of people, in becoming more financially fit. Claim your FREE newsletter on Budgeting, Increasing Your Credit Score, Mortgage & Debt Acceleration & more HERE.
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