Let's face it. You've accumulated a load of credit card debt and you do not know what to do. Here are some sensible solutions to your predicament. No matter how much you would love to wave a magic wand and cause the debt to disappear, it won't. No, these aren't magical solutions, but matter-of-fact solutions so you can get out of debt and keep you out of debt.
The first move is to realize your spending is a disaster. It truly is. I know you had excellent reasons to purchase all that stuff. Most likely those reasons were emotional reasons. People expected you to purchase what you did. You were emotionally attracted to it. You just couldn't help yourself.
Remember, commercials you read, hear or watch have just one goal: to get money from your pocket into the bank account of the advertiser. Commercials build on emotion. You have got to appreciate this and begin acting logically with regards to money.
Hence, now's the time to become sensible. Meaning you ought to start practicing money management techniques that produce results in your best interests over the long haul. You'll have to let go of feelings and practice techniques that make sense. Toward that end, here are some practical steps you can take to erase your debt and remain debt free.
First, establish how long it's going to take you to get rid of your debt. Paying out the minimum required each month, it will likely take 5 to 10 years to eliminate your debt. That is if you don't make it even bigger by buying more stuff. You can possibly pay more and may even manage to negotiate a lower interest rate with the credit card companies. Either of these actions will help you become debt free quicker.
Second, put a small amount of extra cash away for emergencies. Everybody has unforeseen bills. You can anticipate the bills emergencies will produce by building an emergency fund to pay for these unexpected and unwelcome events.
Third, since you can perhaps tell by now, you're going to be running pretty tight on money. Therefore, you will want to make a budget. Look at just how much money is coming in and what your mandatory expenditures are. Include in these expenses money for paying off your debt, and your emergency fund along with other expense like groceries, housing, utilities and transportation. Discover places to reduce spending. Do not let other people kick your feelings into spending mode. Adhere to your budget.
Fourth, when you're having trouble repaying your debt, you should get assistance from a credit counseling agency. The U.S. Trustee Program has a listing of credit counseling services that can help you. Some provide assistance at no cost (and are compensated by the credit card agencies) while others charge you a fee for their help. Make certain you agree with any fees before you agree to participate in their program.
The greater your knowledge about credit and debt the more easily you will be able to handle your hard earned dollars and stay free of debt.
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