Eliminating Debt One Day at a Time. Interesting Things to Consider

There is a fight happening in our culture, where people are trying to live the life they are told they should have, andpaying off the bills that occur. We have been inundated with the belief that we merit a plentiful life and that debt can get it for us.

When did this occur? It wasn’t that long ago that the general public lived on cash, not credit. Then a simple plastic card came about and enormous debt started. People no longer had to wait to buy the things they wanted. We became an instant gratification society, and with more and more credit accessible to us it became even easier.

There is a real problem in our society, we aredrowning in debt, and it seems to be getting worse. With each big store having a credit card it has become even easier to get further into debt.

It is time to stop the madness. There are some simple ways to get out of the debt that has occurred in your life.

First, stop using your credit cards. Fairly simple to say, but it seems really difficult for people to do. You must control the urge of spending. If you want to purchase something teach yourself to pay cash .

Second, look at all of your credit cards, and put them in order of highest interest rate to lowest. This is the order that you should pay them off. Get rid of those big interest rate cards .

Third, set up a payment calendar, where you add an extra 10 or 20 dollars onto the first credit card on your list, and just make minimum payments on the other ones. You have to make a budget and stick to it.

Fourth, as you pay off a credit card, add that amount onto the next card on your list. For instance, if your first card had a minimum payment of thirty dollars, plus the extra ten you were paying, you would now pay an extra forty dollars on the next credit card on your list.

Fifth, you have to stop spending on things that you don’t really need. This by far is the hardest thing to do, as we have formed the immediate gratification mentality.

Lastly, cut up the cards you don’t need. Keep one, possibly two of the larger company cards (Visa, Master Card, etc.), and get rid of the rest. You don’t need them. A great idea, is to call the company and ask for a reduction in your interest rate.

If you follow a payment schedule, you will be amazed at how fast your debt will be paid off. It will be very difficult to not start to buy again, but, you have to stop random expenses if you wish to become free of the debt.

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