Credit Card Debt is Hard to Beat But Not Impossible

Question: Do you know what the interest rates are on all your credit cards? Credit can be quite addicting. There is a TV commercial that states that the average person has eight credit cards, EIGHT. If you have several credit cards you should most certainly be aware of what your interest rates are and just how much of your money is going to these lenders as opposed to how much is going towards the things you have purchased. It will be painful, but knowing the facts will be your motivation.

Once the decision has been made to stop paying someone else for the privileged of using their money to make purchases, make a commitment to reduce your debt and get out of the downward cycle that inflated interest rates incur.

Make a list and write down all your interest rates. Do the math and calculate how much extra you are paying for your purchases and write that down. Pick the card with the highest rate and make the resolution to pay it off in full. It may take a while but you will have the amount of extra money you are paying as a reminder and an insensitive. First and most importantly, stop using that card.

When that first card is paid off, take the money you saved and give yourself a treat, buy something cool or go out. Heck, for the amount of interest we pay these days you could probably go to Disney World

This experience will enlighten you to several things one of which is your spending habits. What did you have to give up when you could not use that card. Yes, most of us are indeed living beyond our means however, those means have included the credit card companies slice of your pie as well.

Once that first card id paid off, cut it into tiny shreds and say good bye forever. Now move on to the next highest rate card you have. This time add in the money you were previously using to pay the last card and be done with it that much sooner.

Repeat this process with all the cards you have until you are debt free. We all need a credit card but you really only need one. Once all your balances are paid off take a look back at the amounts you were paying before. This is your money now and I'll bet you can think of better things to do with it than pay someone else for the privilege of using their money.

Learn more about credit card debt and ways to deal with yours at http://creditcardbeginners.com

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