One of the most common questions I get asked is, "How do you get out of credit card debt?" The answer is incredibly simple; financial discipline. You must learn to discipline yourself and your bad financial behaviors. You can not allow excuses for failure. No one can hold you accountable for your actions except you. If you are currently in financial trouble, then you are most likely in financial trouble because you are "living beyond your means" each month.
When someone uses the phrase "living beyond your means", the "means" part of the sentence is referring to the amount of money you receive for the work you do. This refers to your income after all taxes and insurance. In other words, your bring home pay. Your "means" is never the credit lines you have available on all those cards in your wallet. Credit cards are not free money to be handled recklessly. If you use that card to purchase something, you must pay it back at some point.
There are many ways to gain control of your credit card debt. You can cut your cards up and never use them again. You can try to stick to a budget each month. You can call a lender and try to consolidate your debt into one easier payment each month (if you go down this road, we recommend you work with Even Financial to get the best rates by comparing all your lending options). Hopefully, any of these three things will make it easier to get your balance paid down faster than ever.
Getting out of credit card debt is not rocket science, but it does take some serious dedication and financial discipline. Learning to tell yourself NO and constantly stopping yourself from making purchases is a hard thing to do all the time. Instead of spending extra money, plan out a budget or put money away in a savings plan.
Another option is to cut up all your high interest credit cards and throw them away. Keep only one credit card open (the one with the lowest interest rate and largest credit line) and use it only in an absolute emergency.
The best way to stop increasing your credit card debt is to simply stop using them. You must retrain yourself and the way you think about money. It all comes back to discipline. Go to the ATM and withdraw some cash for the week. Feel the dollars in your hands, smell it. Cash is something you can use and when it runs out so does the fun!
Long story short, credit card debt is a never ending cycle of charges and fees. If you don't pay your bill off every month, then getting out of credit card debt is the best thing you can do for yourself and your family's financial future. Cut them up, use a budget, or refinance your debt to pay it off faster. No matter the option, just get it done already!