Are you working at getting rid of credit card debt? If you have outstanding balances, that goal should be high on your list of priorities.
Carrying balances on your accounts will steal your dreams and limit your future.
You are throwing away money when you carry a balance on consumer accounts.
There really are no secrets to eliminating your debt and there is no miracle cure.
It takes time, disciple and the desire to be debt free.
Here are 3 tips for getting out of debt more quickly.
1.
Reduce your expenses.
Look at everything you spend money on each month.
Keep a journal of what you spend money on each day.
Look at all these figures and see where you can cut your expenses.
Do you buy coffee each morning at one of the well known coffee shops? Do you have a gym membership you are not using? Are you paying for cable premium channels you are not watching or are willing to give up? Be aggressive when looking for ways to cut expenses.
2.
Increase your Income.
The obvious answer is a part-time job, but in the current economy that may be easier said than done.
You may have to be creative with this step.
What do have in your home that you can sell? Do you have a skill that people are willing to pay for? Do you have a hobby that can make you money? If you can start a part-time business, not only will you be able to pay your debt off more quickly, you can begin saving that money for retirement once your debt is repaid.
3.
Reduce your interest rates.
Call all your credit card companies and ask for an interest rate reduction.
Every little bit helps and it may save you hundreds of dollars.
You do also have the option to transfer your balances to a low-interest or 0 percent introductory rate credit card.
Managing this takes a lot of discipline, because you will have available credit that can be tempting to use.
Getting out of debt on your own is not for everyone.
If you feel you need help there are debt help alternatives that can have you debt free in 5 years or less.