Become Credit Card Independent

Can’t stop using that credit card? Do you always find yourself thinking that the only way to afford thing is through that magical plastic card inside your wallet? If you answered yes any of those questions, it’s very likely that you also end up with a lot of trouble trying to pay for the credit card bills. And boy do they pile up fast. Like what they say about letting money work for you, debt is a way of letting money work against you. Talk about all those late charges and high interest rates! Wanna be away from debt Today?

Then try literally cutting up all but one of your credit cards. Stop using them. It may sound too drastic to some but that’s the only way to do it. That remaining one is for emergency purposes. Call up the credit card companies and have them close off your accounts. Whenever you have the need to buy something, try to use cash or money which you have. This way, you will be forced to ask yourself if you really need that purchase or not.

Now that you’ve stop gaining new debts, try to get rid of your previous ones. Tell yourself to make it a point to pay your bills and stop incurring late charges and interests. Make a priority on which debts have high interest rates and focus on using your money to start paying up those first and then head off towards those with less interest. That way you clear off debts which damage you most and in effect help you lose less money based on interest rates. One more thing you can do is call the credit card companies and try to negotiate on the terms. Some of these companies still see you as a customer and would gladly assist you in any way to make it more affordable for you to make the payments. After all, getting payment is still better than getting nothing at all.

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Once you have formulated a plan to stop making new debts and start making regular payments to your current debts, then you can focus on accelerating the way to credit card independence.

One way to do this is to raise your income. With more income, comes more cash. Remember to use the money first on paying off your old debts. You can do this by looking for a better paying job or get part-time jobs on top of your old one. Change could be refreshing for you, and it might even give you more in terms of fulfillment. You can also look through all those useless stuff you purchased with your credit card and open up a garage sale.

Another thing to look at is your lifestyle. Are you living within or above your means? Living above your means can result in more debt. Try to live only on a lifestyle that you can afford. Don’t live like a movie star when you cannot earn like one. You will be surprised on the additional money that you can free up to pay for you debts.