These 4 Steps Can Help You Achieve Your Goal of Paying Off Debt Once and For All.
Are you tired of carrying credit card debt for years with no hope of becoming debt-free? Even when you're committed to paying off debt, medical bills, car repairs, and other unexpected expenses can keep you mired in credit card debt. The good news is that you can take steps to show yourself and others that you’re serious this time about paying off credit card debt so you can put that extra money towards life goals, savings, or even a well-deserved vacation.
Here are four steps that can help you commit to paying credit card debt off for good:
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Step 1: Tell Others About Your Commitment
If you’ve been keeping your debt troubles a secret, it’s time to fess up and receive support for your debt payoff goals. Let people know that you have a plan to pay off credit card debt. You may be surprised at how many other people you know are in the same boat. Consider enlisting a "debt buddy" or forming a support group where you and others can hold each other accountable on your progress and offer encouragement.
Step 2: Find the Budget Method that Works for You
Choose a budgeting method that appeals to you and the way you think and work. That way, you have a better chance of sticking to it to pay off debt faster. Some people prefer to scratch out their budget by hand on a legal pad, while others may want the budgeting and personal finance guidance and advice found on many budgeting apps.
Step 3: Scale Back on Lifestyle Choices
Cutting back on non-necessities for a few months or even several months will free up money that you can pay directly to your credit card debt. Come up with a plan to change your lifestyle and habits so you can have extra money each month. The plan might include working out at home instead of going to the gym or taking your lunch to work so you’re not getting takeout or going out to eat with coworkers.
Step 4: Seek Credit Counseling
There’s no shame in asking for help putting together a budget and debt payoff plan. You can receive free (or nominal fee) credit counseling at a local nonprofit credit counseling agency. Most credit counselors have helped people with much higher debt than yours tackle credit card debt
