Credit Card Debt - 4 Simple Tips to Take Control of Your Finances
Most of us that were not born with a silver spoon in our mouths, know exactly what it is like to be in debt.
Credit card debt is something that millions of American's are dealing with every single day, especially when our country is in a financial crisis as it is now.
Some of us are in debt due to spending above our means, while others simply ran into hard times and used a credit card in an attempt to find our way out.
Regardless of why you are in your situation, there are a few things that you can do to take control of your finances.
I have highlighted those below: 1.
Stop spending.
Some may consider this as an "obvious" step, however it is an important first step in correcting debt problems.
The only way you can begin to get yourself out of debt is to stop doing what got you there to begin with, and that is spending money, using credit and so on and so forth.
If you have active credit cards, cut them into little bitty pieces and move on.
If you don't have them, they can't get you in anymore trouble.
2.
Simplify your life.
Many of us feel we are not living the American lifestyle, if we are not indulging in every "next best thing" that comes along.
The fact is, you just don't need that stuff.
Adopting a more frugal lifestyle will reduce stress, simplify your life and maybe most importantly, allow you more money for paying off bills.
3.
Keep track of your progress.
If you are the private type, then tracking your efforts in a journal is a great way to get a play by play overview of the entire process.
However, if you are open with sharing your struggles, then I suggest that you consider starting an online blog to highlight your journey to a debt free life.
This will not only allow you to track your progress, but may also allow you feedback from outside perspectives and possibly even provide an additional revenue source through sponsored advertising.
4.
Increase your income.
If you have followed the steps leading up to this point then you have managed to stop spending, get rid of your credit cards and simplify your life.
Now you can speed up the process of eliminating debt by increasing your income.
Send out your resume and look for a higher paying position.
Sure most job markets are in turmoil these days, but there are good jobs out there.
You have the time, you are working on building a better life and this is part of that entire process.
Are there more things that you should do to eliminate credit card debt? Absolutely, but the four steps above are an excellent foundation that will allow you to get started right away.
Credit card debt is something that millions of American's are dealing with every single day, especially when our country is in a financial crisis as it is now.
Some of us are in debt due to spending above our means, while others simply ran into hard times and used a credit card in an attempt to find our way out.
Regardless of why you are in your situation, there are a few things that you can do to take control of your finances.
I have highlighted those below: 1.
Stop spending.
Some may consider this as an "obvious" step, however it is an important first step in correcting debt problems.
The only way you can begin to get yourself out of debt is to stop doing what got you there to begin with, and that is spending money, using credit and so on and so forth.
If you have active credit cards, cut them into little bitty pieces and move on.
If you don't have them, they can't get you in anymore trouble.
2.
Simplify your life.
Many of us feel we are not living the American lifestyle, if we are not indulging in every "next best thing" that comes along.
The fact is, you just don't need that stuff.
Adopting a more frugal lifestyle will reduce stress, simplify your life and maybe most importantly, allow you more money for paying off bills.
3.
Keep track of your progress.
If you are the private type, then tracking your efforts in a journal is a great way to get a play by play overview of the entire process.
However, if you are open with sharing your struggles, then I suggest that you consider starting an online blog to highlight your journey to a debt free life.
This will not only allow you to track your progress, but may also allow you feedback from outside perspectives and possibly even provide an additional revenue source through sponsored advertising.
4.
Increase your income.
If you have followed the steps leading up to this point then you have managed to stop spending, get rid of your credit cards and simplify your life.
Now you can speed up the process of eliminating debt by increasing your income.
Send out your resume and look for a higher paying position.
Sure most job markets are in turmoil these days, but there are good jobs out there.
You have the time, you are working on building a better life and this is part of that entire process.
Are there more things that you should do to eliminate credit card debt? Absolutely, but the four steps above are an excellent foundation that will allow you to get started right away.
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