Taking Steps Toward Credit Card Debt Elimination

By: A.C. West

Many times when personal finances seem to get tight, we feel the need and desire to start taking steps toward credit card debt elimination. Perhaps you are one those people who want to get your finances under control and you are wondering on what your choices might be. Two popular methods of credit card debt elimination are consolidating your debt and controlling your spending.

- Debt consolidation is a popular method to use for debt elimination. Many people find that by consolidating their debts, their monthly payment is lower than the individual payments for each separate credit card. The extra money saved can be used towards paying off and eliminate the consolidated debt.

Before obtaining a consolidation loan though, here are a couple of factors you need to consider.

1. If you are considering consolidating your debt by transferring balances from several high interest rate credit cards to one lower interest rate credit card, make sure to check the initial APR and the standard APR for the new credit card for any offers you receive.

2. Also, make sure to check the terms and conditions for the consolidation loan or balance transfer in the fine print. Many companies have different terms and conditions and you will need to be aware of this before choosing the best company and the best method to use for your plan to pay off your creditors.

- Control spending, especially adding new debt. The first and most important step to take is to control your spending. If spending is not controlled and new debt is continually being added to your balance, it will be very difficult to eliminate debt. The main reason your have credit card debt is because spending has not been controlled. So if you are really serious about debt elimination, this is one step that will help you tremendously with reaching your goal by preventing any more accumulation of additional debt.

Here are some ways you can control your spending:

1. Make a monthly budget and do not stray from it. It is imperative to know where your income is being spent, where you can make changes, and use the extra money saved towards debt elimination. This is the most important step to take.

2. When you go shopping, try to veer your self away from sales or other offers unless it is an item you truly need. Plan to only buy necessities so you can keep bringing your debt down.

3. Whenever you leave home and even think you will even be tempted in any way to use your credit card, leave the card at home. If you see some item which you really think is a necessity, you can always go home to get your card. This will help control impulse purchases, because you will not be making unnecessary purchases and increasing your debt.

Debt consolidation and controlled spending will get you started taking steps towards credit card elimination. With planning, self control and discipline, you will be on your way to living debt free.

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