So Much Credit Card Debt So Little Time (cont.)
Contributed by Stephanie Litaker
If you already have a mass of credit card debt, the first thing you need to do is stop using your credit cards. Again, not rocket science, but sometimes the easiest answers are the ones we overlook first. Put your credit cards in an envelope at the bottom of your sock drawer, or somewhere else you won't look, and forget they're there. Forget that you have the option of using a credit card and you will stop gaining more credit card debt.
When you hear it calling you softly from the bottom of that drawer, don't acknowledge it, just tell yourself that it's a sock calling out to you because it needs to be repaired - that should be enough to keep you away from it.
Getting out of credit card debt
Even after you put those credit cards in the bottom of the drawer next to the holey socks, you will still need to figure out a way to pay off the debt that you already have. So, you'll need to start with making a list of all your cards and how much you owe on each card. So if you have five credit cards, and a total debt of $6,000 you will need to obviously pay that off. Look at your monthly payments, and put any extra cash you have available toward the card with the lowest balance.
Each month when you pay the extra amount on your credit card, you will be able to reduce your debt and pay off that credit card sooner than you thought possible.
