Credit cards debt is something a lot of people all across the globe struggle with, and all of them want to know how to escape their debt. In today’s society it can be nearly impossible to pay for everything with cash, and that’s where credit cards come in. But then the bills comes in and you don’t have the money to cover it, and you suddenly find yourself swimming in debt.
It doesn’t take much to trigger this debt spiral either, a single missed payment can rapidly turn into a raging sea of debt. You may have simply forgotten to make a payment and were charged a late fee, or maybe an emergency came up that took up the money you had set aside for the credit card payment. Accidents happen and you shouldn’t be condemned to a life of debt because of them.
There are many options to get out of debt, from debt consolidation to debt counseling. Many people get to the point where they even consider bankruptcy. But before you decide to do anything that drastic, take a step back and try to solve this yourself. Bankruptcy is an absolute last resort, and some of the other debt relief programs cost money or just don’t work.
As the saying goes, “if you want something done right, do it yourself”. Below is an easy and simple way that can help you get out of debt…permanently. It’s not a quick fix, and it will take time and discipline, but it’s a tried and true system that will help you get out of debt.
1) First of all you need to make a comprehensive list of you debt. Include everything, even the smallest of debts. The list should have all of your monthly expenses such as, house payments, utility payments, insurance payments and anything else that you have to pay for monthly. In one of the columns put all your credit card debt, in another column list all of your ongoing monthly bills.
2) You have to give yourself a strict monthly budget to follow. Give yourself enough so you are able to pay the minimum payments on all of your debt.
3) From the list you made choose the smallest debt to go after. Pay as much as you can toward that single debt, while still paying the minimum payments on all of your other debt. Eventually you’ll have paid off that debt and when you do, take the money you applied to that debt and put it towards the second smallest debt. If you keep doing this over and over again you will find yourself getting out of debt and with this method you won’t even need to bring extra money into the household.
This method has been proven to work, it just takes time and discipline. You will have to make some sacrifices if you want to get yourself out of debt. That means no new TVs or going out to eat, but you will beat credit cards debt, and finally be free of that burden.