Getting Debt Free – A Life Saving Plan
Credit card interest rates are astronomical. If you try to pay off only the minimum payment on each card every month, you could be paying up to nearly 30% in interest! Consider yourself "treading water." You know by now what the interest rate on each account is because you've written the interest rate next to each bill on your list. Were you shocked at those rates? Are you angry? If you aren't angry then you must be pleased that you are helping the big, credit-lending banks make lots and lots of money while you've allowed yourself to go deeper and deeper under water.
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Once again, YOU WILL NEVER GET YOUR CREDIT CARDS PAID OFF BY MAKING ONLY THE MINIMUM PAYMENT. Why? because very little of your minimum payment goes toward the principal. (The principal is the actual amount that you owe, without any interest.) Therefore, the first thing in our plan of attack is to PAY OFF ALL CREDIT CARD AND INTEREST-BEARING DEBT. You'll need to pay the bills off in chunks, as much as you can scrape together; thereby attacking and diminishing the principal.
How do you go about paying off that credit card debt? It can be done. Follow the points below. Get tough with yourself. You've come this far, so now continue on to the most important part of your financial recovery. If you commit to this plan, it will work for you as it has for others. Be willing to make these positive changes to change your financial life:
You've arranged your debt list in order of interest rate, beginning with the highest, ending with the lowest. Those bills and at the top of the list need to be paid off first. Those at the bottom get paid off last. (Of course you need to make AT LEAST THE MINIMUM PAYMENTS TO EACH BILL, each month, to protect your credit rating.)
THERE IS NO EXCUSE FOR ACCUMULATING LATE FEES. Pay every bill on time. Paying late fees adds up fast. It hurts your credit rating and is just like pouring money down a drain. It is an expense you can immediately eliminate.
You are no longer charging anything. You are now a cash-only operation! Keep reminding yourself when you are tempted to spend, "I have no credit cards," is your new state of mind.
