So the question is: How did she get out of credit card debt? The answer is discipline. You must discipline yourself. How long have you been using your credit cards to live on? Do you even remember what a dollar bill looks like? Now you’re in trouble because you can’t make all those payments with the money you make. This is called “living beyond your means”.
Your “means” is the amount of money you receive for the work you do each week at your job. Your “means” is not the amount of credit you have available on that card in your wallet. Credit cards are not free money. You use it, you must pay it back, it’s hard, but that simple.
There are many ways to get control of your credit card debt. You can try to go it alone and stick to a strict budget. You can talk to a credit counselor and try to consolidate your debt. This might make things easier for you to get your credit card balances paid down faster by reducing the amount you owe. Some say they can get your credit card debt reduced by 50%. But you do have to have at least $10,000 in credit card debt to qualify for some of these programs.
Getting out of credit card debt is not rocket science but it will take some serious dedication and discipline. Learning to tell yourself NO and stopping yourself from making that purchase using a credit card is a very hard thing to do. Instead plan out a budget or put money away in a savings plan for that purchase you want to make or put the item on lay-a-way. Many stores offer lay-a-way plans. Some have even brought lay-a-way back these days to help people make purchases they wouldn’t have been able to make otherwise.
Cut up all high interest credit cards and throw them away. Keep only one lower interest rate card and make the promise to use it only in an emergency. Transfer high interest card balances to a lower interest rate card. This alone could save you hundreds of dollars in interest payments over time.
The best way to stop increasing your credit card debt is to stop using them. Plain and simple. You must retrain yourself in the way you think about money and about spending that money. It all comes back to discipline. Go to the bank or ATM and withdraw some cash. Feel it in your hands, smell it, (don’t taste it, that’s yucky!). Remember that feeling, that smell? Cash misses you! Cash is something you can use without hurting it’s feelings, it was made to be used! Please use cash from now on.
Credit card debt is a never ending cycle of late charges and over limit fees amassed every single month increasing your debt to astronomical heights. Getting out of credit card debt is the best thing you can do for yourself and your family’s financial future.