Whiletherearemany advantagesto buyingwith credit, not
using it wisely can lead to significant credit card debt
problems. If thenumber and total amount of your credit
cardsbalancesarebeginning to overwhelm you or you
wonder if you will ever beableto pay it all back, takea
moment to assessyour situation and whether you can
help yourself or if you need someprofessional help with
your debt problems.
3.
To begin with,find all of your credit card statementsand make
noteof themonthly paymentsand total amountsdue. Add up
all your paymentsto seehow much you need to pay each
month. You want to beableto pay morethan theminimum so
that you aredecreasing your fix thedebt load each month and
not just paying interest. If you arenot ableto pay morethan
theminimums, look for waysyou can havemoremoney
availableby finding additional sourcesof incomeor by
spending lessmoney.
4.
Next, createaplan topay off your cards. Thesimplest way to do this
iswhilestill remaining current in all your paymentsisto pick the
card with thehighest interest rate(if you want to savemoney by
paying lessinterest over thelong-run) or with thesmallest balance
(if you want to decreasethenumber of outstanding credit card
debtsyou havefaster). Pay asmuch asyou can extraon that card
balanceuntil you havepaid it off. Oncethat card'sbalanceisat
zero, add theamount you werepaying each month to thepayment
on your next card. For example, if you werepaying $100 amonth
on thefirst card and $50 on thesecond, onceyou pay off thefirst,
you then pay $150 each month on thesecond. Plan to do thiswith
all of your credit card payments.
5.
Third, stick toyour plan. Besureto usethenewly available
money to pay off your debtsinstead of on other things. Make
your paymentson timeto avoid paying costly latefeesor other
penalties. If you arehaving troublefollowing your plan or it
isn't working, consider contacting acredit counseling firm that
can help you get your credit card debt problemsunder control
again. They haveprogramsand servicesthat will help you
resolveyour credit card debt problemsand enjoy financial
freedom again.
6.
Third, stick toyour plan. Besureto usethenewly available
money to pay off your debtsinstead of on other things. Make
your paymentson timeto avoid paying costly latefeesor other
penalties. If you arehaving troublefollowing your plan or it
isn't working, consider contacting acredit counseling firm that
can help you get your credit card debt problemsunder control
again. They haveprogramsand servicesthat will help you
resolveyour credit card debt problemsand enjoy financial
freedom again.
