Today across the country people are saying, "I want to reduce my credit card debt." But they're not sure of the best way to do so. To make matters worse, there seems to be an overload of credit card debt info that can be confusing and misleading.
Credit card companies are to blame for much of this misinformation with their balance transfer offers, teaser interest rates, and sneaky late fees. If it were up to them, they'd have you in debt forever!
Here are 3 debt cures they don't want you to know about. Use this simple formula to pay off your debt and get your life back in order:
1. Control your urge to spend.
If you want to eliminate your debt, the first step is to not create more of it. This will help by preventing on accumulation of further debt. Stay away from attractive offers that stores use to put you further in debt while increasing their bottom line.
2. Leave your credit card at home.
Prepare a monthly budget that will allow you to live without credit. Use cash or checks for your purchases. If you feel the urge to use plastic, then use a debit card instead. Also, if you feel that something is a (true) need then go get your credit card at your house. By the time you go home, you'll probably realize that it wasn't a true need after all.
3. Make a plan to be debt free.
In order to do this, you need to pay off your existing debts. Here is the best way to get started.
a. First, make a list of all of your debts and add them up.
b. Next, list the balances of each debt and add them together.
c. After that, divide each debt by your minimum monthly payment. This will give you an estimate of how many months it will take you to pay it off.
d. Find a way to reduce expenses and apply the savings to your first debt. Generally speaking, it's best to pay off the debt with the smallest balance.
e. After your first debt has been completely paid off, roll the entire amount into the second debt.
f. Keep this rolling process up until you experience the debt relief you desire.
So there is no need to be confused about all of the credit card debt info out there. If you are playing by "their" rules, you'll give up to 75% of you future income to them! Use these 3 debt cures they don't want you to know about to make up your own plan for the future.
