Getting Out Of Credit Card Debt


Getting out of credit card debt can be a difficult task to accomplish. It will take a well developed plan and self-control. If you stick with your plan and accomplishing this task, it will reward you with the freedom from credit card debt and a better life.

To develop a budget to get out of credit card debt, the first step to take is to make a two column list with your regular monthly payments in one column. These are expenses that must be paid every month. This would include rent, mortgage payments, credit cards, child support, car payments, insurance, etc. Then, in the other column you will want to list items that can either be cut back on or eliminated. This can include utilities, clothing, food, cosmetics, gasoline, entertainment and so forth.

After you have listed your normal monthly expenses, you need to decide on what items on the list that can be eliminated or reduced. Even if you can save 5 dollars on cutting down on a particular item or just plain eliminate it, you may be surprised on how it can add up.

From this list, you can determine how much money you have left over every month to use towards paying down your credit card debt. You will want to start paying down the credit card with the highest interest rate first, then so forth. Pay the minimum amount on the lower interest cards, while you apply the extra money on the highest interest credit card. As your pay off each credit card balance, you will notice that you will have even more extra money each month to apply to the next credit card.

In order to get out of credit card debt you must have self control by staying on track with your budget and refraining from using your credit cards. In the long run, it will bring joy in your life knowing your not paying out credit card interest each month.