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Getting Rid of Credit Card Debt
Credit card debt can feel like a weight on your shoulders. It weighs you down to the point that all you can think about is how much you’re paying out each month. It doesn’t have to be this way. There are ways to get rid of credit card debt. Whether you simply stop charging or get a second job, you can be debt-free.
First things first. You absolutely must stop charging new items to your credit cards. Even if you can pay off what you charge today that still leaves your current balance. If you find that you have to use credit cards to pay important bills, you need to look at your expenses compared to your income and make adjustments as necessary.
If at all possible, consolidate all your credit card debt onto one card that has an interest-free promotion. As long as you pay off the balance before the promotional period ends (usually 6-24 months), you will save hundreds to thousands of dollars in interest. Just be sure to read all the fine print.
Pay Off the Smallest Debt First
If you can’t consolidate your debt, work to pay off the smallest debt first. Put all your extra money towards that payment. Once you pay off that account, put all your extra money towards the next smallest account. This allows you to quickly pay off your debt and it motivates you to keep going.
To get the extra money you need to put towards your debt, you need to cut expenses. There are so many things you do not need in order to survive. It might be your satellite package, expensive cell phone service, or even all those cups of fancy coffee. Look at what you’re spending money on and cut out anything that’s unnecessary.
Take on a Second Job
Last, but not least, if you can’t cut expenses to get the money you need, take on a second job. Working a second job for a few months will allow you to greatly reduce the amount of debt. Even if you’re working a part-time job, the money can really add up. Working 20 hours a week at $10 an hour would add up to $800 a month or $9600 a year before taxes. It’s not ideal to take on a second job, but it can get you out of debt.
You don’t have to live with credit card debt. There are things you can do to finally become debt-free.