Stuck With Credit Card Debt?

Credit cards are probably one of the best and worst things we have at our disposal. They come in really handy during emergencies or when we are travelling, but they are just like an addiction. Start using them too much and you will end up a ton of debt. Before we know it, we end up juggling our income and expenses to make minimum payments so that we can pay the debt off without affecting our usual lifestyles. However, is that really the best thing to do? The actual debt might not be that hard to handle, but the interest we end up paying is the real killer. Let’s see how you can tackle it, head on.

Stop Using Those Cards!

First and foremost, you have to stop using those credit cards! Cancel all your extra cards and just keep one or two of your best ones. Next, no matter how badly you crave for it, just stop using them and start using cash. That will keep your debt and interest payable from going any higher and will make it easier for you to pay back the debt to begin with. If you don’t have the luxury of ‘buy now, pay later’, you won’t go on any unnecessary shopping or spending sprees. This way, you will also have better control over your expenses and will be able to save up more money.

Cut Down Your Expenses!

Another crucial measure would be to stop spending so much money. Save up on fuel, utility bills, unnecessary junk food, and all the other unnecessary expenses we have grown so used to. Public transport is a great alternative to using your car all the time. In fact, you can also walk or ride a bike if you aren’t going that far. Not only is that a lot cheaper, it’s also a lot healthier and will help keep you in shape. You can also start using coupons for buying fresh produce and daily use items. Look for sales at clothing stores and for other amenities, and try to get nonperishable items from wholesale stores. That will help you save a lot of money in the long run. You can also switch to somewhat cheaper brands of almost everything. Do you really need those designer shoes?

Redirect The Money You Save Into Paying Off Your Debt!

Once you start cutting down your expenses, you will have extra money that you can use to pay off your debt quicker. Every dollar counts and the sooner you pay back the debt, the sooner you can use your newfound savings. In fact, any kind of debt with high interest rates you may have should be your first priority, whether they’re short term loans or cash loans. You can use those funds to establish an alternate income source or simply save up for a new car or renovations to your home. This way, you can have actual savings rather than perceived savings that would later on, be used to pay off your debt. At the very least, you will have some extra cash when you go shopping or for rainy days. Wouldn’t it be better to have actual cash in your hands, rather than an expensive credit card?

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