Guest Author - Rose Mary
Soon after the holidays, the credit card bills will start rolling in. For many people, this can become a time of panic.
There are generally two recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt. Let's check both of these credit card debt elimination recommendations:
- Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures. Here we are talking about the payments you make using your credit card. Remember that the main reason for being in credit card debt is uncontrolled expenditures using your credit card. So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination. Here is what you can do to control your expenditures:
You need to stay away from attractive offers that are put-up by various shops and stores, especially sales after the holidays. Don't buy anything that you don't really need. After all, you are looking for credit card debt elimination not supplementation.
Leave your credit card at home. If you really need something, then you can fetch your credit card from your house. This will prevent you from yielding to the sale offers (that are actually there all the year round). This credit card debt elimination technique, again, works on the principal of prevention is better than cure. This will prevent unplanned expenses from happening.
Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. So if you deviate from your budget, your credit card debt elimination plan will go off track.
-Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do:
Do not go for the first balance offer you come across. Analyze various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Look for 0% interest offers for the longest period of time.
Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan.
You will need to keep track of these and have the debt paid off by the time the offer ends.
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.