I was having a conversation with a friend of mind last week. In this conversation we were talking about the current state of the economy. As we discussed the government bailout the question came up as to why the government is helping to bailout each individual. This is a great question but unfortunately the government has its hands full trying to stabilize the national economy.
So what does this have to do with eliminating your credit card debt?
Two things…
First is my response as to how you eliminate your credit card debt.
The second…the government does not have a debt bailout but we do of sorts! For a limited time we at No Debt University are offering to make one of your monthly credit card payments. Click on our name above and you will be directed to the plastic payoff page! J
OK…now let’s get down to helping you get rid of your credit card debt!
1. Stop using your cards.
Sounds so simple, but this is by far the hardest part for most people! Surely you agree that the best way to eliminate debt is to stop building it! OK so for many of us the credit card is just too tempting. Leave the cards at home if you feel that you just don’t have the will power.
2. Evaluate your debt-to-income ratio.
Do you know exactly where you stand regarding your debt? Now is the time to find out! Use our worksheet here: monthly expenditure worksheet. Fill in all of the information as accurately as possible! This information will be the groundwork to your credit card elimination!
3. Look for Areas of Improvement.
You need to dig into the debt you have listed on your worksheet. I am sure without any doubt that there are certain places you can eliminate or at the very worst cut back on. This evaluation will help you determine where you can improve. This ultimately will help you improve your cash flow which is even a bigger bonus!
4. Call Your Credit Card Companies.
You should be on a first name basis with your credit card companies! J OK I am being a little over the top here but please understand my point. You need to be in contact with your credit card companies…work your way up the chain of command until you finally get the person that will help you. Your first goal is to lower your interest rate as much as possible. Remember, the lower the interest rate the higher your portion applied to principle will be. In last week’s blog I gave you a great website to use when trying to talk to a human. Here is the link again: http://www.gethuman.com/index.asp
5. Strategize your game plan.
You have more than likely have been operating in a defensive mode. Well now it is time to take an offensive role! You have made the call to your credit card companies and negotiated the best interest rates possible. Now attack this debt!
If you are looking for the quickest way to eliminate your debt and want the quickest way possible I highly suggest you order our e-book and start your debt elimination process TODAY!
Until next week!
See the light and become brighter everyday!
