How to reduce on credit card debt?Created by:
Setting a Goal
It’s important to establish realistic goals for paying off your high interest credit cards as well as other consumer debt (lines of credit, vehicle loans). While it is easy to run balances up in a short period of time, it will take time and self discipline to pay them off. Monitor your progress regularly to help you stay on track and motivated to reach your goals.
Put Your Cards on Ice - LITERALLY
Sorry to say, but getting out of debt requires taking those credit cards out of your wallet so you’re not tempted to use them. Put them away, or freeze them into a bucket of ice, until you have completely paid off the outstanding balances. Paying for your purchases with cash instead of credit will help you separate needs from wants.
Trim Your Expenses to Free Up Some Cash
One way to speed up your debt repayment and get out of debt fast is by reviewing your monthly expenses and looking for opportunities to cut your costs. You may be surprised to learn that making your cup of coffee in the morning instead of buying a $3 specialty drink will save you over $1,000 a year.
Create a Monthly Spending Plan
learn how to get out of debt and to stop borrowing from your credit cards again and again, you will need to create a monthly spending plan for your money. Not only will this ensure you are living within your means (and not above your income, which is where credit card debt comes from), but it will also give you a set timeline on when you can expect to get debt free.