Pay Off Credit Card Debt: Start Today
© 04.03.07 By Peter Gustavson
Credit debt is a cause of stress for millions of Americans. Everyone who has credit debt wants to pay it off; since most credit debt is in the form of credit card debt or other unsecured debt, the pleasure that one derived from using credit has long since been lost. Yet the stress remains. Indeed, statistics show that the number one reason for divorce in the USA is over financial stress.
Is there a way to pay off credit cards without undue hardship? Well, yes and no. The reason most people fall into debt in the first place is because they are living beyond their means. That being the case, most folks don't have the money to really get a handle on their debt unless they are willing to cut back on their lavish life style. The question you need to ask yourself is how bad do you really want to get out of debt? I can tell you from personal experience that leaving the stress behind is well worth a reduction in your standard of living. Besides, if your standard of living is really a reflection of the amount of credit card debt you have, then it's a fools dream in the first place.
What you need to do now is start by sitting down and figuring out how much money you're really making. Go over your budget with a fine tooth comb and decide the exact amount you could dedicate to paying off credit card debt. You may find that you need to secure a second part time - or even full time - job. If so, then do it. Pleanty of people work more than forty hours a week out of necessity. If they can do it then so can you.
Now, start with the credit card with the least amount of debt and put all of your extra money toward paying that one card off. Meanwhile you'll be making the minimum payments on the other cards. Be sure that you don't slack off. Be firm with yourself. Make the goal and stick to it. Before long, you'll see the statement that says, "paid" with a zero balance and the sense of accomplishment that comes with actually making headway on that credit card debt .
Once that happens, do the same thing with the credit card that has the next lowest total. Direct every spare penny you have toward paying off that credit card and when you've done it, go to the next and so on. Remember, if all you do is make the minimum payment on your credit cards, you'll be paying on those cards for the rest of your life!
Now, get going. Sit down with a calculator, a pen and paper and get your strategy in black and white. You can do it; all it takes is a little discipline. Do it. Now.
Until next time...
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