Eliminate Credit Card Debt in 5 Easy Steps (cont.)
Contributed by Luey
Pay more than the minimum amount due! Many credit card companies allow you to pay for about two percent of your outstanding balance. If you pay the minimum amounts on credit cards it could take up to ten years and 3 times the original principle balance; payable in finance charges to completely eliminate $1,000 in credit card debt. I personally find this a bit obsessive, but it happens quite frequently. Therefore you must pay the maximum amount that you are capable of in each and every pay period.
Stay focused to Eliminate credit card debt
One of the most important mindsets that you need to adopt when trying to eliminate credit card debt, is that you must stay focused on the goal at hand. Try writing out the total amount of debt owed as done in step two, and taping that number to your bathroom mirror. This way the first thing you see in the morning is the hurdle that is keeping you from financial freedom.
To eliminate debt you must learn how to distinguish between what your wants and needs are. This last step requires a complete change in your consumer behavior patterns,and is the most evolutionary step in the debt reduction process.
These 5 steps, in conjunction with one another, form an integrated strategy for eliminating credit card debt once and for all.
