Whether you are currently in debt with credit card balances that you are having trouble payinig off, or you have just recently gotten yourself out of credit card debt and are wary of falling back into debt, there are many ways you can approach striving toward financial health.
One of the simple and most straightforward ways to start paying off debt, as well as to also stay out of debt, is to simply stop using credit cards for your daily expenses and opt for cash or a debit card that does not accrue debt or interest. If you swear off credit cards as if you are allergic, you’ll never have a situation where you have credit card debt again! However, this is not to say that you should dump them altogether.
They can be incredibly useful if you are traveling, need to make an online purchase, or for emergencies. However, while you are paying off your credit card debt it is much easier to reach your goal when you are not accumulating more debt (often faster than you are paying it down). If you want to know how to pay off debt fast, it can be as simple as getting a zero-interest card and not making any more purchases with that card.
While you are putting your credit card in “time out” make sure you are paying more than the minimum payment. Even if that amount is just a few dollars, it does add up.
So you will not be tempted to use your credit card, leave it at home. Some people swear by freezing their credit cards in large blocks of ice in the freezer. Then, if they want to use it they have to wait for it to thaw. This waiting period is often enough to make you change your mind about using it.
If you opt to start staying away from using credit cards while you are paying off your credit card debt, you can make a pledge to only use cash or use your debit card while the debt is in the process of being paid off. This way, you will not add more fuel to the fire of debt, and only spend money that you physically have in your bank account.
After you have used strictly cash or debit cards for a while you may find yourself preferring this method of payment since it gives you immediate data as to how much you have spent and what is still left over.
Review your budget at least once a week to give yourself a pep talk as you see the debt dwindling.