Credit Card Debt, How to Avoid It, How to Get Out of It

To a company that issues credit cards, the ideal customer is one who will run up a large balance because he or she cannot control their spending. Not so large a balance that they go into bankruptcy, but almost that large. By changing your spending and saving habits, you can avoid this problem and get yourself out of credit card debt.

You can blame the credit card companies for their greed, but the solution to your problem is in your control. To control your credit card debt, you have to control your spending. A single shopping trip is unlikely to plunge you into debt, but repeated shopping trips will. Advertisers know how to make us buy stuff, they get paid millions for their ads. So, you have to stay away from the mall, stay away from internet shopping sites, stay away from sales, stay away from temptation.

As you cut your spending to the bare minimum you can accelerate paying off your existing credit card debt. Never pay just the minimum amount due, always pay more than that. Never accept offers from the bank to skip a payment, because your interest debt will just increase during that month.

Make a simple chart on a piece of paper, showing your remaining credit debt for each month. Tape it to your bathroom mirror, so you will be reminded each morning of how far you have come and how far you still have to go.

Resist the urge to “buy love” with large Christmas and birthday gifts. If your kids are old enough to care, tell them that the whole family is saving money for the next year (or however long you think it will take to zero out your balance). Ask them to help think of ways to make the dollars go farther.

Being free of credit card debt is a financial goal, and you will feel wonderful when you reach it. Good luck!

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