Practical Credit Card Debt Solutions You Can Implement This Afternoon
by Chris on February 15, 2010
It's time to get real. You've accumulated a pile of credit card debt and you don't know what you can do. Here are some matter-of-fact solutions to your problem. No matter how much you would like to wave a magic wand to cause the debt to disappear, it won't. No, these will not be magical solutions, but practical solutions for getting you out of debt and keep you free from debt.
The first move is to understand that your spending is a disaster. It truly is. I know you had good reasons to purchase all that stuff. Most likely they were emotional reasons. Everybody expected you to buy what you did. You were emotionally drawn to it. You simply couldn't prevent yourself from buying those things.
Remember, commercials you read, hear or watch have just one purpose: to get money from your pocket into the pocket belonging to the advertiser. Commercials are built on emotion. You have got to recognize this and begin acting sensibly regarding money.
So, now's the time to be sensible. Meaning you ought to start using money management techniques that produce results in your best interests for the long run. You will need to let go of feelings and practice techniques that make sense. Toward that end, listed below are some practical actions you can take to erase your debt and stay debt free.
First, establish how long it's going to take you to eradicate your debt. Paying the least amount required each month, it could probably take 5 to 10 years to eliminate your debt. That's if you do not increase it by buying more things. You can probably pay more and may even find a way to negotiate a lower rate of interest with the credit card providers. Both these actions can help you grow to be debt free faster.
Second, put a little extra cash aside for unplanned events. Everyone has unforeseen bills. You should anticipate the bills emergencies will create by establishing an emergency fund to pay for these unforeseen and unwanted events.
Third, since you can probably tell by now, you are going to be running really tight on money. Therefore, you'll really need to create a budget. Establish how much cash is coming in and what your required expenditures are. Take into account in these expenses money for reducing your debt, and your emergency fund plus other expense like groceries, housing, utilities and transportation. Find places to reduce spending. Do not let anyone kick your emotions into spending mode. Remain loyal to your budget.
Fourth, if you're having trouble eliminating your debt, you can get help from a credit counseling agency. The U.S. Trustee Program has an inventory of credit counseling services that will help you. Some provide assistance for free (and are compensated by the credit card agencies) whereas others charge you a fee for their assistance. Ensure you understand the fee structure before you commit to participating in their program.
The more you know about credit and debt the easier it will be for you to manage your hard earned dollars and stay free of debt.
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