Things can tend to spiral out of control when your credit cards are at their maximum and you find yourself paying more and more towards interest and less towards the balance of the cards.
Relief can come in various forms and not all will require you to seek outside help.
A few things you can try on your own are:
- Develop a Monthly Budget (know exactly where you are at)
- Set Goals (Very Important)
- Spend frugally and buy in bulk if possible and use coupons
- Stay focused
- Challenge yourself (It may sound silly but making a challenge of paying down your debt can make the experience a bit more enjoyable)
- Educate yourself on savings, investing and setting yourself up for your financial future. (Not only will you be rewarded by paying off your debt but you will have a good grasp at how to make your money work for you. There are numerous free resources as well as books that cover this in detail.)
Credit cards are a big factor in overall household debt but there are other debts such as medical, financial aid, etc. that need to be added into your action plan. The obvious goal is to repay the most debt in a quick, yet reasonable manner. Often times we set ourselves with unreasonable expectations and goals and find we can’t meet them.
Also, the National Financial Education Center has some excellent free webinars that help address several debt related issues. You can view them by visiting the following site: www.nationalfinancialeducationcenter.org
As always, if you have any questions, would like to discuss your financial challenges, or are just looking for advice, please call us at your convenience. As always, we are here to help and look forward to hearing from you.
If you have any suggestions or stories on how you’ve experienced relief from credit cards and other debt feel free to share in the comment section below. Tips, tricks and other suggestions are always welcome!