Is your credit card debt consuming your life? Is there any hope of crawling out from under the heavy burden of plastic? If you are up to your gluteus in maximum credit card payment, there is hope. It is in the credit card companies to work with you on your payments. After all, they would rather see you make some payment versus no payment.
Here are a few tips to help you get a handle on you debt:
1. Make a budget and stick with it! Know what your monthly expenses really are. Don’t forget to include the cost of items that may be billed quarterly or yearly like car insurance, or life insurance. Know what these things cost you and set that money aside in an interest bearing
account until you need to pay that bill. And, NO dipping into the account for frivolous items!!
2. STOP using your credit cards. Take them out of your purse/wallet and cut them up!! Learn to live within your means. Set aside a certain amount of cash from each pay check to use as “disposable” cash. When that cash is gone, your done spending! Don’t buy things that you don’t need.
3. Contact your creditor and let them know that you are having a rough time making your payments and that you sincerely want to make an effort to keep current on your payments. Ask for a lower interest rate. Be firm in your request, it is within their power to lower your interest.
4. Make extra payment on your credit cards each month. Even a small amount will go a long way in cutting interest and years of off your bills. The same goes for your house payments, every little bit will help.
5. Live within your means! Cut out some of the “special” things you blow money on each month. Do you really need a weekly pedicure? How about that 700 calorie latte in the mornings? Instead of dinner at Morton every week, try Village Inn. Take the money that you have saved and make an extra payment on your credit cards!
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