To be honest with you not very easy. To get started the first thing you have to do is stop using your credit cards. That means if you do not have cash, then you cannot have it. Paying cash for all of the items you buy is just one step.
The second step is to add to your minimum payment. By making just the minimum payment you could be paying on that particular credit card for years to come. Especially if you have multiple cards you are trying to pay off. With multiple cards, you could choose the one with the highest interest rate to make a larger than the minimum payment too while still making the minimum payment on the others. Once you have that one paid off, you will then choose the card that has the next highest interest rate. If you continue in that vein you can have them all paid off in your lifetime.
Of course if you happen to be like a lot of us and are strapped for extra money, you may consider taking on a second job just to pay your credit cards. By taking the second job you may have enough money with the second income to make larger than minimum payments on all your credit card accounts. You will have them all paid off much sooner.
Another option would be to take out a consolidation loan with interest rates much lower than you are paying on your credit cards. That way you will have traded 5 payments for one, which in most cases is much easier to do. Of course with this options you will still be unable to use your credit cards or you will be putting yourself on the same road you just tried to get off of.
Once all your credit cards have been paid and your debt has been erased, you may want to look at your credit cards closely. Find the one with the small interest rate. Keep it and cut the other ones up, so you will not be tempted to make that mistake again. If you feel you need the help, there are debt or credit counselors available to help you with some options.
Credit can be a good thing to have, but most of us have to keep close reins on ourselves to prevent an insurmountable amount of debt rising up because of the buy now, pay later plan. Credit cards are usually our biggest downfall because we do not think about what we have bought until it is time to pay for it.
If you feel your debts are more than you can handle on your own, do not be afraid to ask for help. There are qualified debt settlement programs, debt consolidation programs along with the debt counseling available. These people are in the business to help people like you and me when we get in over our heads in debt. All you have to do is ask.
About the Author:
Ray Subs is a public relations specialist working with Debt Relief Place. To check out their website, visit
www.DebtReliefPlace.com.
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391
Date Published :
Mar 2 2009