Ditch Credit Card Debt for Good!
If you’ve struggled with credit card debt in the past, you know how difficult it can be to finally pay off your debts and regain your financial freedom. From now on, steer clear of the high-rate debt trap simply by following the steps below:
Keep your credit cards at home.
Going shopping? Don’t bring your credit cards with you! The streamlined purchasing power that credit cards provide may cause you to make unnecessary impulse buys. Instead, leave your cards at home. Hopefully, the hassle of going all the way back home to get your credit card will make you realize the purchase isn’t worth your extra time and effort.
Pay off your entire balance at the end of each month.
Many people who have successfully conquered credit card debt and begun a fresh financial start will try — at least for a little while — to pay off their entire balance each month so as not to incur any interest charges. But eventually, people tend to revert to their old habits. Unfortunately, carrying over even a small amount of money is usually enough to start someone back down the slippery slope toward credit card debt. If you want to remain debt free, don’t make more purchases than you can realistically pay for and plan to always pay off your entire balance each month.
Restrict your number of credit card accounts.
The best way to avoid revisiting the world of credit card debt is by not opening any new credit cards in the first place! Prevent another credit card debt disaster in your life by limiting your number of credit cards to just two or three. With only a few accounts to keep track of, you should hopefully not become too overwhelmed when it comes time to pay your bills.
Create an emergency fund.
If you’re like most people, you reach directly for your credit cards when large, unexpected expenses arise. But continuing to do so is a surefire way to return to a life of unmanageable credit card debts. Instead, create an emergency fund that you can use to cover any large expenses you hadn’t planned for. That way you’ll avoid putting large amounts of money on your credit card and won’t have to struggle to pay off the balance when your bill comes.
Of course, even the most financially responsible individuals sometimes find themselves facing exceptionally large, unexpected expenses they don’t have the means to fully cover on their own. Don’t rack up any more credit card debt.
If you find yourself in this situation, call UNCLE or check online for current Personal Loan rates and balance transfer promotions. Using a personal loan or a balance transfer is a much smarter and affordable way to take on additional debt, instead of using high-interest credit cards.