If you want to get serious about dumping your credit card debt, consider these steps.
1. Stop Adding To Your Debt
You can’t get out of credit card debt if you are adding to your balances every month.
2. Create A Budget For Your Spending
You’ll need a written plan for how you’ll spend your money, and get in the habit of checking your actual spending against it.
3. Build Up A Cash Cushion
Stack up cash for emergencies and costly inconveniences, so you won’t have to rely on new debt, for life’s surprises.
4. Increase Your Cash Flow
Keep track of how much money is coming in versus going out of your accounts and free up money in your budget to put towards the debt.
5. Create A Strategy To Pay Down The Debt
Making more than minimum payments, with no new debt, will speed up the process to get rid of your credit card debt.
Related Article: How I Paid Off $13,000 of Debt in 13 Months
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~ Melisa Boutin