It is this time of year that we reflect upon resolutions to make improvements in our lives and one of the most common issues people face is dealing with credit card debt and with absolute determination people say, "this is the year I am going to get out of credit card debt".
It's easy to say you are going to get out of debt and pay off your credit cards but how are you going to do it?
Your income likely isn't going to suddenly skyrocket. It's not likely that energy costs are going to go down. How about your grocery bills, that's not likely going to decrease, the fact is you have fixed costs that you can't do much to change and your wages are likely going to stay the same. Even a raise at work likely won't be enough to make a big difference.
What you need to do is find another way to lessen your bills so that you can start paying off costly credit card interest charges.
The first thing you should do to save tons of money is arrange a carpool at work, I know it's not convenient to carpool, but it's not convenient having credit card debt either. This year accept a little inconvenience and cut your gas bills down by sharing the ride. When you do this make sure you take the money you are saving on fuel and apply it to the balance of your credit card.
By applying the money you save on fuel directly to the balance owing on your credit card you are also cutting your credit card interest costs down as well. It may not seem like a big deal on the first few extra payment you make, but after several months the interest savings will begin to grow exponentially.
Another huge money saving opportunity is to take advantage of a balance transfer credit card that offers you an introductory 0 APR period and cash back rewards program to help you save on your current interest charges and gives you extra in the form of cash back or apply for a card that offers rewards for merchandise that you normally buy for added savings.
Once you get your new credit card with an interest free introductory period, consider a credit card such as the Chase Freedom Card, you should take a look at your current credit card statement and note how much you are paying on the balance and interest.
To accelerate getting out of credit card debt, you will need to have discipline and apply the amount you have been paying on your old card to the new offer you get. By doing this you are paying down your debt faster by paying what you normally would with interest charges thereby speeding up your freedom from debt.
By carpooling to save on gasoline costs and applying for an interest free balance transfer with cash rewards credit card you have two easy ways to save on everyday costs. Remember in order to get out of credit card debt you must use discipline and apply your savings to your credit card balance.
I encourage you to seek other ways of saving even more money on unnecessary spending, consider spending such as eating out or coffee purchases at work to find extra cash that can be applied to your credit card balance.
If you follow this simple advice you will be free from the burden of credit card debt faster than you can imagine. Start today and in a few months you will be happy you took the initiative.
