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Many people get stuck in a financial bind and try to pay off their debt. However, the debt never seems to go away, even though we keep paying our credit card companies, monthly bills and loans on time. The interest keeps accumulating each month, sometimes adding hundreds of dollars to the original balance you owe. There are easier ways to pay off your bills quicker. Many ask, "What's the first step to get rid of all this credit card and loan debt?" Much of this debt can be removed with three simple steps to keep in mind. The first step is to stop creating more debt and stop spending. The second step is to establish an emergency fund for rainy days. And last is, implement a debt blitz tactic by paying the debt off. We can contain your financial problems by simply creating an environment where you can't use your cards are start paying them off immediately.
Stop creating more debt by controlling your spending. In some extreme cases, you need to stop spending money with credit cards. Credit cards are not a safety net, they are not convenient, and you don't need to earn all of those silly rewards they offer for each dollar you spend using their high APR credit cards. Take your credit cards and put them in your safe, or desk drawer so you don't use them when you go out. It is better to keep limited cash on hand so you can control how much you spend. If you only have $100 cash on hand, you won't spend any more than $100. If you have a credit card, who knows how much you will get suckered to spend with those impulse buys. Also, stop recurring payments with monthly subscriptions to your PC and console online gaming, online videos, cable, gym, etc. Cancel everything you don't need that charges to your credit card monthly. You don't need TV. But you do need Food, Water and Shelter. There is a difference. You can also call your credit card company and ask for an APR reduction, or better rates to lower monthly payments.
Establish an emergency fund for rainy days. Don't use your credit cards for emergencies. Many people get caught up in the cash advance, personal loan, and payday loans to the point where they are having a hard time paying them back long term. We understand that payday loans and cash advance loans are short term financial solutions, but the majority of the people don't pay it off right away. This leads to high APR finance charges the lender has to charge the consumer because the consumer is such a high risk to default on their loans. Save over $500 to $1000 to start off, and don't touch it. The $500 to $1000 is for emergencies only. It's not for Alcohol, video games, Las Vegas, or nice clothes. Emergency money is for medical accidents or a broken daily driver car. Keep your emergency fund in cash and put it in your safe. If you want to leave it in the bank, put it in the savings account, but don't touch it unless you are so broke you can't pay for rent, food, important car repairs, or medical issues to fix personal injuries.
Implement a debt blitz tactic by paying the debt off. Take everything you can financially and pay the debt off. Start off with the highest APR charge credit card or loans first. Then attack the credit card with the lowest balance. Set aside a certain amount of money to pay off your debt. Make sure you are paying the minimum balance for your credit cards to avoid damaging your credit. Once you have finally gotten rid of your credit card debt, continue paying off the next lowest balance of credit cards. Sell old stuff and old junk in your house or apartment that you don't use or need. Use the extra cash to pay off your debt.
Anyone can pay off their debt, but it takes persistence and control to continue paying off the debt. Just control your spending and pay for things you only need to have in order to survive from week to week. Increase your income by working extra or taking in side jobs on the weekends. Grab all that extra junk in your place and sell it. Start today and begin by lowering your debts now!
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