Reduce Your Credit Card Debt To Zero

credit card debt

courtesy: google images

Credit card companies love your credit card debt; they make lots of money on the credit card interest you pay. If you have too much debt, you may feel as if you are paralyzed by it. Don’t despair if your debt is strangling you, there are steps you can take to reduce that debt to zero. You may not like the changes you have to make but if you are truly tired of your credit card debt you should at least try to make these changes one by one. Most folks do not stick with the program if they try to do it all at one time; so approach slowly.

Credit Card Debt Reduction 101

Step #1 – Stop Spending Right Now

The first step to reducing debt is to stop accumulating it. Put yourself on a spending diet.

Step #2 – Cash Or Debit

If you need to use your credit card to buy something, you cannot afford it. Use cash or a debit card to make all future purchases.

Step #3 – Budget It

Budget’s sound old fashioned but they do work. Do not spend beyond your budget; experts call that living within your means.

Step #4 – Cut The Card Or Ice It

If you cannot resist using that plastic little credit card in your wallet, either shred it or put it in the freezer until you regain your self-control. The logic behind the freezer is that it takes a while for your credit card to thaw during which time you should be able to reverse your desire to use it.

Step #5 – Avoid All Contact

Buying on the internet is so easy now-a-days. You do not feel the financial impact until you receive your credit card statement 30 days later. The absolute most effective way to reduce your credit card debt to zero is to avoid all contact with internet purchases.

Help yourself financially and stop supporting the credit card companies by overusing your credit cards. Put yourself on a spending diet, use cash only, follow a budget, cut up your credit card and stop buying from the internet.