Ways To Get Out Of Credit Card DebtPosted by Nick Niesen on October 29th, 2010 Credit card debt is something that almost everyone suffers from, but it need not be a problem you have to suffer from the rest of your life. As long as you have the discipline to tighten your belt and manage your finances, credit card debt can soon be completely and permanently eliminated from your life. Ways to Get Out of Credit Card Debt Step #1 Determining the Best First Step Some people, however, prefer to pay off the lowest total amount due on their credit cards first. Although this is not the most practical thing to do, mathematically speaking, it could still be a good choice for your first step if seeing your credit card statement reflecting zero debt could give you the boost you need. The important thing to remember here is to take that first small step forward in cleaning your credit records. It?s going to be tougher, but at least you?re finally breaking free from the shackles of debt. Step #2 Establishing a Budget List down your monthly expenses and then consider each item one by one. Which are necessities and which ones are mere frivolities? Necessities should be left alone, but frivolities must be reduced. While you don?t have to ruthlessly get rid of all the unnecessary things in your life, it?s important that you significantly reduce them to make way for the bigger payments you?ll be making for your credit card debt. When you know how much you can afford to pay each month, make sure that a considerable amount of it will be used for settling the first credit card you?ve decided to pay off. The rest should be divided equally among your remaining credit cards. Step #3 Controlling the Urge to Swipe Step #4 Change of Lifestyle Soon, you?ll find yourself liberated from your credit card woes. Unless you want to become a victim of a vicious cycle of never ending debt, make sure you don?t commit the same mistakes you did in the past. Like it? Share it!More by this author |