Simple Debt Card Elimination Strategies

2008-09-05 14:37:16

( Financial )



A debt card is very useful if you need to buy something and cash is not available. However, when you use your card and find that you do know where to get the money to pay it back once the credit card statements arrive, the real problem begins.

Most financial experts agree that paying credit card debt on time is way to a bright financial future. But when you already find yourself having difficulty paying what you owe, there are simple strategies to debt card elimination.

The first way to get back on track is to stop using your debt card immediately. Remove that piece of plastic from your wallet to rid yourself of the temptation to use it.

Start writing a financial goal to help you determine what to do. Write down a specific reduced spending plan, keeping in mind to separate the needs from the wants. Focus on limiting your spending to what you actually need. The extra savings from reduced spending on the wants will be one of the sources for paying credit card debt.

The next step is to determine how much you owe the debt card companies. Start by making a list of all the debt card balances and interests per debt card. Call the credit card companies to ask them how much you owe and try to negotiate a payment scheme or even a lower interest on your debt card.

If you have several debt cards, remember to pay off the debt card with the highest interest first and the lowest interest the last. Financial experts say that this strategy will help you save more money in the long run. However, it is up to you to schedule your debt card payment any way you like, just as long as you start paying credit card debt.

If you want to be debt free, you have to be willing to make sacrifices. Remember, it took a certain period of time for your debt card to accumulate. It may take you longer than that to get out. But do not lose hope. With a little discipline and determination, you can get back on track to financial freedom.


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