Credit card debt is a pain to pay off, and most people really want to get rid of their debt but unfortunately have no idea of how or where to start. It’s not difficult to get rid of your credit card debt, but it does take some determination. Here are four ways to ditch your credit card debt and start building a more secure financial future.
Pick a card, hit it hard
If you are like most people, you probably have more than one card with a balance, so just pick one to focus on first. Many choose the card with the highest interest rate first, but if they are all at similar rates, pick the one you want paid off most. Make extra payments on that card, or as much extra as possible, until it’s paid off, while still paying the minimum payments on the others. Repeat the process until all cards are paid off in full.
Stop using your credit cards
You won’t get out of debt by paying off one card and filling it back up again. For many people, the urge to use the cards that they’ve paid off already becomes very strong during emergencies or during the holidays, when money is tight. If you can’t stay strong, consider cutting up your cards or asking your credit card company to put a freeze on your account so you can’t spend without calling them and having it removed.
If you have a lot of credit cards with very high interest rates, you could benefit from taking out a loan to pay off the credit cards. If the loan rate is very low, you could save money on interest. Just make sure that you don’t spend on the cards after they are paid off, or you will be in worse shape than before.
Build a safety net
Get in the habit of contributing to a savings account so you’ll always have money on hand in case of emergencies. Once you can break your dependence upon credit cards for emergencies, it becomes easier to stay debt free.
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get instant approval cash advances when they need it. Kimmy has over 20+ years’ experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business. She has also spent time in the mortgage industry prior to her move into the payday lending field. Kimmy also has a number of pets including cats, birds, and a Chinese water dragon.