You will feel the weight of the world lifted from your shoulders when you eliminate your credit card debt. Here a 3 ways to get you started and on track to living debt free.

1- Stop

Stop and look at your current spending habits. When we find out why we have credit card debt, then we can learn how to adjust our habits. If you are using your credit card to pay for absolutely everything in your daily life, including utility bills, you may have lost track of how much your living expenses are costing you. For many people, using a credit card separates you from the physical feeling of spending your money. It’s time to look over your credit card accounts or look at your electricity bills, grocery receipts, gas receipts and your holidays or hobby spending to find out how much you are spending and where you can keep a little of it for yourself in your own coffers.

2- Compare

Once you have calculated your living expenses and have found ways to reduce your spending, you are going to have to put the extra onto paying off your credit card debt. Compare interest rates on your current credit cards, which one is the lowest? Now compare your lowest interest credit card to others currently on the market, and watch out for hidden fees. It may be a good idea to consolidate your credit card debts into the lowest interest credit card you can find. Simplifying your credit card repayments into only one credit card bill to pay off each month and pay off as much as you can so that you can make a dent in the principal amount.

3- Prepare

Prepare for a debt free life. This means being realistic about saving a little bit of cash for unforeseen expenses or emergencies that you usually would have put on your credit card. Try to contribute 5% of your income to a free, interest earning savings account. Now, think about what got you into debt in the first place, do you rely on shopping to boost your mood, are you addicted to having the latest must-have technology or are you strongly influenced by TV marketing? You’ll be surprised how easy it is to turn off the tv, find a cheaper hobby, or spend those pavement-pounding hours at the mall walking in the park instead. For example volunteering at a pet shelter, school or community group is an excellent way to boost your mood. You’ll feel so good knowing you’ve made a difference to your community and probably make new friends too. If that’s not your style, teach your pets a new trick, take up reading, get a weekend job… your fun, thrifty options are endless!

 

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