If you are struggling with credit card debt, you are not alone. Many people all over the country are buried under credit card debt and the burden in holds. If you are looking to repay your debts, but keep your credit cards open for further use, it is possible. However it is going to take some time, patience, budgeting and sacrifices. People become accustomed to a certain lifestyle, which is usually how credit card debt accumulates in the first place. Breaking these spending habits and not giving in to temptation can be hard, but it is worth doing if you want to get out of credit card debt.
First you need to sit down and evaluate your finances. You need to look at how much money you have coming in every month, and also how much money you have going out. Hopefully there is more coming in than going out. Next break down your expenses and look at what you are spending your money on. Things like eating out, entertainment, and unnecessary expenses can be majorly damaging your wallet. Regardless to whether you are an individual, a couple, or a family, you can probably easily save $100.00 a week. When you go the the grocery store, cut back and shop smarter, and pack your meals a couple days a week. Take away going out once a week, and keep a record of everything you spend money on. Also budget yourself to a certain amount of cash a week for things like fast food and coffee. If you can eliminate $100.00 a week then that is $400.00 a month. Then apply that to your credit card bills. Many couples can take out going to dinner at a restaurant once a week and that can save them easily a couple hundred dollars a month alone.
You can also have a garage sale or take your old things to a second hand store. If you don’t use it, get rid of it. Take that money and apply it directly to your accounts. This way you aren’t really sacrificing anything. Start with one credit card, and get it paid down, and then move on to another. You will not only be getting out of debt, but you will also be saving money on interest costs. Try to avoid shoveling debt around, this can often get you into a worse situation and you may end up owing more money and paying higher rates.
Credit cards can be helpful if they are used responsibly. Never borrow more money than you are going to be able to pay back. Try to get yourself out of credit card debt as soon as possible, and don’t be afraid to ask for help or advise. Repaying your credit card debts will make you feel better and you’ll be more financially stable.