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Get Out of Credit Card Debt the Same Way You Got Into It
Most people didn't get in over their heads with credit card debt overnight. They did it one step (or one transaction) at a time. They think, "I'll just make this one more charge and THEN I'll start paying off this card. Unfortunately, that "one more charge" leads to another and then to another. Pretty soon they're paying their credit card payments with another credit card.
You have to begin by being honest with yourself. WHY are you spending money that you don't have? What are you buying? Do you really need the item or do you just want it? It might sound odd, but I have started writing down the pros and cons of what I purchase with a credit card; kind of like a purchase order that a company would use. If I write down the item that I want to buy, the cost, and, most importantly, the purpose, I usually figure out that it's not all that important after all. There have been times, of course, when I've rationalized that I really need something that I don't. But, this method can, at least, get you thinking about why you're really purchasing something.
There are plenty of legitimate reasons to use a credit card. Things happen that are out of our control such as family or medical emergencies. The problem with using your credit cards indiscriminantly is that if you should need them in an emergency, they're already maxed out. Then, you really have an emergency on your hands. And, if you should lose your job on top of that, you're really in trouble.
So, you can see that the best thing to do for your financial health is to get those credit cards paid off. It won't happen overnight, but it is possible. Make a promise to yourself that you will NOT charge any more on your credit cards. Choose to keep just one or two and cut up the rest. Those cut up cards will continue to accumulate charges in the form of interest...some of which will be outrageous. If you haven't maxed out a smaller interest credit card, a good tactic might be to use it to pay off a higher interest card. Be sure that you cancel that higher interest card right away so that you aren't tempted to use it again.
It's going to take some discipline and self control to "get out from under." You'll have to make some sacrifices. Cut way back on going out to restaurants. Remove some of the channels from your cable television. You might even have to get a second job for a while. Do whatever you have to. Make a commitment that every bit of money from that second job goes toward paying off your debt. You will be better off in the long run.
A lot depends upon the size of your debt. You might only have to make those sacrifices for a year or less. The higher the debt, the longer your challenge will last. But, in the end, there's only one way to get your credit card debt paid off: the same way you got into it - one transaction at a time.
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