Are you in over your head with credit card debt? Do you have trouble sleeping because of the stress and anxiety this debt is causing? Avoid the temptation to declare bankruptcy or use the services of unscrupulous debt negotiators. Your credit score will be trashed and you’ll spend up to seven years regretting the decision. Whether you’ve incurred substantial medical bills or made purchases beyond your means, take responsibility and follow the advice from financial experts for paying down your debt and getting rid of credit card bills once and for all. When you’re in the market for clothes, take advantage of the deals offered by Groupon coupons and pay cash for a great selection of value fashion at ASOS.
The first step is to commit to not adding any additional debt to your card balances. The second step is to make a list of every credit card on which you have an outstanding balance. Use notebook paper or a spreadsheet. The point is to know precisely what your obligations are. Indicate the interest rate and minimum payment due for each outstanding balance.
While paying the minimum balance on each card, chose the card with the lowest balance to pay off first. You’ll gain a sense of accomplishment and begin whittling down your list of debts. This might mean forgoing your design coffee and lunch with co-workers for several months but the rewards will be worth it. That $5 cup of coffee can easily amount to over $1,250 a year and a mere $9 spent on lunches every day can add up to a staggering $2,300 over the course of a year. To reach your goal, you’ll need to practice a bit of austerity.
The other option to speed up repayment of your debts is to secure a part time job. If you elect to take this route, be disciplined and earmark all of your earning towards reducing debt. If you’re able to earn an additional $500 a month, or reduce spending $500 per month, divide this number by the total outstanding balances on all of your cards and you’ll have the number of months it will take to pay off your balances. Best of luck to you – you can do it!