In today's economy it's easy to lose track of how much money you're spending.
Things that you used to take for granted, such as affordable food, gas and utilities are at an all time high and your dollars just don't stretch as far as they used to.
Many people have been making up the difference in costs by using their credit cards liberally, to the point where they've either reached their credit limit or the interest on the card is almost equal to their monthly minimum payment.
This means that they're simply treading water financially and, unless they can find a way to either reduce other expenses or find another source of income, they've over extended themselves financially and have few options other than credit consolidation, a consumer credit counseling company or even bankruptcy.
If this situation above describes you, please don't be too hard on yourself.
You're simply one of many that has had to face this reality.
You think you're doing okay until one month everything seems to come crashing down all at once.
Many people who end up consolidating their credit card debt have let their credit card balance get away from them.
Credit cards can be handy to have, especially in emergencies, but they are easy to abuse as well.
If you aren't careful how you spend, you can easily rack up a high balance before you know it.
Once you get into credit card debt, it can be extremely difficult to get out of it.
The personal stress that weighs on you will compound almost as fast as the interest.
It could take you months and maybe even years to reduce your debt, especially if you get caught in the trap of making only minimum payments.
Here are a few things that may help you toward getting out of credit card debt.
#1.
Cut up all but one credit card.
Keep one on hand for emergency use only! That way you've got a way out in the event of the unexpected, such as car repairs, medical, etc.
#2.
Slash your living expenses.
This could mean cancelling extended cable, skipping one haircut, washing your car at home, mowing your own grass, etc.
#3.
Plan meals a month in advance and making strict grocery lists.
Eat more plain foods, such as soups and casseroles, rather than expensive steaks, seafoods, etc.
You can get help by contacting your local family services office and asking for recommended menus for those living off of food stamps.
It may sound crazy but these people have an extremely limited amount of funds to live on each month and when it's gone, it's gone! You'll be amazed at what you can accomplish by following the examples of others.
#4.
Park the car and walk everywhere possible.
This will not only save you money on gasoline, but will also help get you in shape physically and mentally.
#5.
Keep a ledger of everything you spend.
This will require communication between your spouse, if you have one.
Make sure you both stick to the plan otherwise it won't work.
Once you've actually followed this plan for 6-12 months you'll be amazed at how much money you're saving and you'll have a sense of accomplishment as you work together to get out of debt.
Start making double, triple or higher payments on those credit cards and before you know it you'll be debt free and on track to avoid getting in trouble in the future.
Things that you used to take for granted, such as affordable food, gas and utilities are at an all time high and your dollars just don't stretch as far as they used to.
Many people have been making up the difference in costs by using their credit cards liberally, to the point where they've either reached their credit limit or the interest on the card is almost equal to their monthly minimum payment.
This means that they're simply treading water financially and, unless they can find a way to either reduce other expenses or find another source of income, they've over extended themselves financially and have few options other than credit consolidation, a consumer credit counseling company or even bankruptcy.
If this situation above describes you, please don't be too hard on yourself.
You're simply one of many that has had to face this reality.
You think you're doing okay until one month everything seems to come crashing down all at once.
Many people who end up consolidating their credit card debt have let their credit card balance get away from them.
Credit cards can be handy to have, especially in emergencies, but they are easy to abuse as well.
If you aren't careful how you spend, you can easily rack up a high balance before you know it.
Once you get into credit card debt, it can be extremely difficult to get out of it.
The personal stress that weighs on you will compound almost as fast as the interest.
It could take you months and maybe even years to reduce your debt, especially if you get caught in the trap of making only minimum payments.
Here are a few things that may help you toward getting out of credit card debt.
#1.
Cut up all but one credit card.
Keep one on hand for emergency use only! That way you've got a way out in the event of the unexpected, such as car repairs, medical, etc.
#2.
Slash your living expenses.
This could mean cancelling extended cable, skipping one haircut, washing your car at home, mowing your own grass, etc.
#3.
Plan meals a month in advance and making strict grocery lists.
Eat more plain foods, such as soups and casseroles, rather than expensive steaks, seafoods, etc.
You can get help by contacting your local family services office and asking for recommended menus for those living off of food stamps.
It may sound crazy but these people have an extremely limited amount of funds to live on each month and when it's gone, it's gone! You'll be amazed at what you can accomplish by following the examples of others.
#4.
Park the car and walk everywhere possible.
This will not only save you money on gasoline, but will also help get you in shape physically and mentally.
#5.
Keep a ledger of everything you spend.
This will require communication between your spouse, if you have one.
Make sure you both stick to the plan otherwise it won't work.
Once you've actually followed this plan for 6-12 months you'll be amazed at how much money you're saving and you'll have a sense of accomplishment as you work together to get out of debt.
Start making double, triple or higher payments on those credit cards and before you know it you'll be debt free and on track to avoid getting in trouble in the future.