Avoiding Credit Card Debt
Getting into credit card debt can leave you feeling helpless and hopeless. It seems like you'll be stuck in debt forever, and there's no light at the end of the tunnel. Harassing phone calls from creditors and threatening letters prevent you from doing anything else but worry about money matters. Yet there is one practical solution for getting out of credit card debt: don't get into it in the first place! So what can you do to avoid credit card debt at all costs? Try a few of these practical tips, that keep you paying your bills on time and those pesky creditors from calling you at home. Pay off your balance every month. This way, you avoid high interest levels that make it so you're only paying off the interest on the principle rather than actually paying off the balance. This keeps creditors really happy, and makes your credit report sparkly and clean when applying for a home loan or other things. If it's impossible to pay off the entire balance each month then at least pay more than the minimum amount due. The minimum amount is only your interest, so if you only pay that, you're never knocking a dent into the actual balance! If you're sliding down the credit card debt mountain, search for other debt solutions. Try calling and ask for a lower interest rate. And if that doesn't work, apply for a new card with a super low interest rate, and transfer over your current balance. This way, you can start right away on paying off the balance rather than dealing with that pesky interest. To eliminate credit card debt, you can also try consolidating your debt into one low, monthly payment. While you're paying your consolidated debt, try to avoid credit cards unless it's an absolute emergency. This way, you don't fall further into the pit of credit card debt while trying to pay off debt! It's really just common sense, but credit is a tricky subject and more and more people fall into bankruptcy because of it. Once you're back on top of your credit game, avoid slipping again by never spending more than you have in your bank account right now. You can't fall into credit card debt if you don't spend more than you have! Of course, emergency situations will always arise, but by following these easy tips, you should be able to deal with the emergencies because you spent wisely previously. Knocking out credit card debt may seem like a never-ending process of calls from creditors and denials for loans, but by being smart and conserving a little bit, you'll be credit card debt free in a minimal amount of time. Don't fret at a small decline in lifestyle though. You did spend beyond your means to get into credit card debt, so it may take some sacrifice to get back onto the good side of credit.
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