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Get out of credit card debt: 6 steps

On Behalf of | Jan 26, 2018 | Credit Card Debt

If you’re struggling under a mountain of debt, it’s not going to be easy to get out of it. However, there are few tricks and tips that the average Washington resident can follow in order to get out of debt as quickly as possible.

Here’s what you can do to get on the road to debt-free living:

First, chop up your credit cards. You need to put a stop to the problem once and for all and the only way you can do that is to simply chop up your credit cards and vow to never use them again. Although you might want to keep one credit card around for an emergency, you might want to consider freezing it into a block of ice and discarding the rest.

Second, get as much cash together as possible. You can try selling things that you have around the house. You can cut down on your expenses. And, you can start directing all of that free cash toward your credit cards.

Third, create an inventory. Determine which of your cards have the highest interest rate and pay down those cards first. Pay the minimum balance on all your other cards while you’re funneling all of your free cash toward the card with the highest interest. Once you’ve paid that card off, you can start working on the next highest interest rate card. This is called the “snowball” method.

Fourth, create a timeline. Calculate how long it’s going to take to pay off your debt if you pay a specific amount each month. Stick to the payment plan; and, eventually you will succeed at the date you calculated.

Fifth, consider getting help. If it looks like you’ll never be able to pay down your debt, you may want to learn as much as you can about various debt-resolution strategies.

Source: Forbes, “Why 2018 Is Off To A Bad Start For Those With Credit Card Debt,” John Fitzsimons, Jan. 25, 2018

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