This following article is from: PayingPaul
It doesn’t take much to get into credit card debt, especially
for women. Women are generally paid less than men yet there are more women
heading households with children than men. A couple of months of unexpected expenses
can find you racking up significant charges on your credit card. Credit card
debt is very serious and damaging to your financial health. You need to
learn how to reduce credit card debt so
further expenses and charges don’t keep adding up.
There are several ways to start taking control of your debt. The first is to acknowledge the actual amount you owe. Gather all your statements and add up the totals. This is your starting point. It’s possible the grand total will be more than you thought, but it’s also possible the amount could be less.
Your next step is to find a non-profit or government-sponsored debt counselor. These agencies do not charge for their services. If you find a company that wants money, decline their help. A reputable company will need to know details about your overall financial health including your total debt, income and a close estimate of your living expenses.
Thirdly, start using cash for most of your food, gasoline, clothing, gifts and household purchases. Budget an amount for these expenses and put that money in envelopes or some divided purse so you can keep track of it. Cash is very visual and it can be much harder to shell out cold hard cash for a frivolous item than it is to whip out your credit card. Some people actually feel a sense of loss when using cash so they’re much less inclined to part with it.
Budgeting cash for each expense category means you can leave your credit card at home when shopping. This is a simple but effective method to reduce credit card debt. You need to learn how to only use your credit cards for true emergencies. When the cash in that category is gone, you quit shopping.
When you learn how to reduce credit card debt you’ll be on your way to better financial health. It’s hard work but you’ll be so proud of yourself when you finally pay off the balance on those cards. The money you earn will finally be yours, and not belong to the credit card companies. That’s a real reward!
There are several ways to start taking control of your debt. The first is to acknowledge the actual amount you owe. Gather all your statements and add up the totals. This is your starting point. It’s possible the grand total will be more than you thought, but it’s also possible the amount could be less.
Your next step is to find a non-profit or government-sponsored debt counselor. These agencies do not charge for their services. If you find a company that wants money, decline their help. A reputable company will need to know details about your overall financial health including your total debt, income and a close estimate of your living expenses.
Thirdly, start using cash for most of your food, gasoline, clothing, gifts and household purchases. Budget an amount for these expenses and put that money in envelopes or some divided purse so you can keep track of it. Cash is very visual and it can be much harder to shell out cold hard cash for a frivolous item than it is to whip out your credit card. Some people actually feel a sense of loss when using cash so they’re much less inclined to part with it.
Budgeting cash for each expense category means you can leave your credit card at home when shopping. This is a simple but effective method to reduce credit card debt. You need to learn how to only use your credit cards for true emergencies. When the cash in that category is gone, you quit shopping.
When you learn how to reduce credit card debt you’ll be on your way to better financial health. It’s hard work but you’ll be so proud of yourself when you finally pay off the balance on those cards. The money you earn will finally be yours, and not belong to the credit card companies. That’s a real reward!
See more related post:
