The only chance you have of living a debt free life is to get out of credit card debt. Here are some easy ways to pay off your credit card debt when you have no extra money.
How to Pay Off Credit Card Card Debt Now
Do you want to get out of debt and pay off those credit cards? Believe it or not, there are easy ways to pay off your credit cards. Even on a low income.
Being in debt sucks. Being in credit card debt sucks BIG.
Debts like car loans or student loans can’t often be helped. You need a car to drive. You need loans to get through school.
But credit card debt is never necessary. It’s either a sign you didn’t prepare and save money for an emergency. Or you purchased items you can’t otherwise afford.
Credit card debt is also known as ‘bad debt’. Lenders hate it and too much of it stops you from getting other loans.
So if you have credit card debt, it’s time to get it under control and get rid of it. No excuses.
Keep Reading: How To Use Credit Cards Responsibly
Why You Need To Start Paying Off Credit Card Debt
Credit card = stress.
The more debt we are in because of our credit cards, the more stress we have. It can be known to cause anxiety and even problems in relationships.
You get in too deep and getting out can seem inpossible. Especailly when you don’t have extra money to pay them off.
Racking up $1,000 on your credit cards can take seconds. But paying off that amount can take months or even years.
But it doesn’t always have to be that way. It is possible to pay off your credit cards with very little money.
Pay Off Credit Card Debt With No Extra Money
Step 1 – Write Out Your Debts
Grab yourself some free budgeting worksheets and start writing out each one of your credit cards.
Keep track of the amount you owe, the interest rate you pay, and the minimum monthly payment.
Make a decision how you are going to pay those off. Will you start with the lowest balance, highest balance, or highest interest rate?
Making a plan as to HOW you are going to pay off your debts is half the battle. But not having a plan is how we stay in debt and never get out.
Step 2 – Look at Your Interest Rates
I peronsally think that debts with the highest interest rates should be paid off the sooonest. Hight interest rates will grow and grow and never allows you to pay them off.
If you have a decent credit score, condiser opening a new card that offers O% interest on balance transfers. you can often get this for 12-18 months.
Which means you’ll be paying NO interest in all that time. And paying off your credit cards will be a heck of a lot easier.
You’ll not only save a ton of money, but definitely be able to pay off your cards sooner than you thought.
Step 3 – Get a Second job
I know everyone cringes when they see this step. But you dont have extra income to pay off your debts, then you need to find that extra money!
The one thing I really like to stress to people is that nothing is permanent. You don’t need to work a second or third job for the rest of your life. But just until your credit card debt is paid off.
There are tons of jobs you can do right from home. Even a part-time job at Target on the weekends will make a major dent in your debt.
Again… it’s not forever… just until the debt is paid off. A little sacrifice will go a long way.
Step 4 – Put The Cards Away
If you don’t have them around, you won’t be tempted to use them. Have a card iin a safe place for emergencies. But otherwise, you should really cut them up and get rid of them.
After all, you can’t pay off your credit cards if you are consistently using them.
How To Stop Racking Up Credit Card Debt
There are 2 main ways you use credit cards the wrong way and thats what tends to get us in trouble.
First, we use credit cards as a crutch.
If there’s something we want and we cannot afford, we just charge it with the hopes of paying it off later.
The problem is we do this too many times and we never actually have the money to pay things off later.
Learning how to abide by the principle of “Don’t buy it unless you have the cash” will save you from getting into credit card debt in the first place.
Second, we use credit cards for emergencies, when we should be using our emergency savings instead. Don’t have an emergency savings?GET ONE! Having money set aside for emergencies will also prevent you from going into credit card debt.
Keep Reading: 6 Bank Accounts Every Adult Needs To Have