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Monday, March 02, 2015

How to Get Rid of Credit Card Debt

I just got my credit card last September when we bought a house. I actually applied for 2 and got approved for both. Now I am tired of credit card debt because I literally maxed out my highest one $5000 ($4500 owed)but I harldy keep a balance on my smallest one with Capital One($300 limit). I usually don't go past $30. So I'm starting today on reducing credit card debt. I am going to take Dave Ramsey advise and start with the smallest debt. I currently owe $255 on Capital One and was going to pay it off this Friday before the due date but this time I am choosing not to use it again. I usually pay it off ever month but end up using it again so I consider it debt. So this week I will be erasing this debt. I decided to make a conscious decision and cut it up! I feel so free. Look at my lovely picture. This will also help me stay on track with my 52 week savings plan. I am now up to week 10. Yay me! I'll post pics later. LOL. It's all about whatever keeps me motivated!


Unknown said...

Hi there! I'm one of your Zazzle friends! I really feel for you because a credit card is such a trap, they give you a false sense of security and then BAM, the money's gone. Where did it go? Sometimes you just don't know! Probably take away and petrol, and the occasional splurge lol! I just wanted to say there is hope, I had a maxed out $12,000 credit card, the interest was through the roof, I got sick of this so as I made payments I rang up and told them to decrease my limit, and I did this until I was down to $7,000. My husband then got a loan, we paid my credit card and then I decreased it all the way down to $500 so I could still pay my bills but not have a high monthly charge of interest. You really need to make sure you do decrease the limit though otherwise it will all just end up getting spent again, and when they send letters inviting you to increase, tear that crap up!! It's human nature to spend unfortunately, it feels like our money, but it's not really ours, it belongs to the bank, and we have to pay a lot to borrow it, especially if you have borrowed a lot. And once you have borrowed a lot, you are where the bank wants you, unable to pay back anything but the interest for the rest of your life. Sounds like easy money to me. Good luck hun! I hope you can get it sorted x

Ginene said...

Hi Aleirah,

I agree! Sometimes you don't know where your money is spent. I'm definitely excited about cutting down bills.