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Credit Card Debt Relief

How to Pay Off Your Credit Card Debt

Today it seems like more and more people are overwhelmed by credit card debt, desperate to find a way to reduce the amount they owe even as interest rates skyrocket and the dollar plummets. Many consumers find themselves trapped in a catch-22: they need credit cards to fulfill their financial obligations, while at the same time credit cards eat away at their monthly income. The Internet abounds with information about how to deal with credit card debt, but too often the sheer volume of information leads to more confusion, especially when that information is often contradictory or misleading. If you’re one of the millions desperate to reduce their credit card debt but unsure about how to do so, try these two simple strategies:

1. Stop creating more debt.

It is impossible to get out of debt if you’re constantly adding to it! Resist those tempting offers for new credit cards, and try to control your spending. One really good way to do this is to leave your credit card at home. Come up with a monthly budget that doesn’t require credit cards, and pay for purchases with cash, check, or debit card. If something comes up for which you think you need your credit card, you’ll have to go home to get it; this is a great way to avoid impulse buying that you’ll later regret.

2. Come up with a plan of attack.

If step one is forestalling new debt, step two is getting rid of the debt you already have (and have likely been carrying around for years). To do this, try “snowballing” your debt. Make a list of all your debt items. Now, focus on the smallest debt first. After paying all minimum monthly payments (since the last thing you need is late payment fees added to your debt), apply whatever extra amount you can afford to that smallest debt, with the intent of paying it off as quickly as possible. Once that debt is taken care of, move on to the next smallest amount owed (you should now have more money to apply, since you’ve removed one monthly debt obligation). Just keep this up until all your debts are under control. Simple!

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