People suffer in the modern world just because of their over-the-line posh lifestyles. Credit cards are one of those unspoken demons who take people into dark pits of debt even without their own knowledge. But there are ways for you to enjoy those credit card benefits as well as be free of unnecessary debt. Also similarly, there are ways to get rid of that credit card debt which you are already in. Here is how!

How to get rid of Credit Card Debt

01. Plan and set goals

First of all, you have to be realistic or else you will never get out of debt in time. Think of how you got into debt and then also think about how much you have now in hand. Then pre-meditate on how much you will have in your hand in the future. Think about all the other debts you have. Then sit down and plan on how you are going to pay off each one of them. Make a plan of paying off your credit card debt slowly and carefully. Set a monthly goal. But remember, it has to be realistic.

02. Ice Ice Baby

This is one of the most effective methods. It is based on the simple principle of “If you want to get rid of something, stop adding to it.” It means that you have to stop using your credit cards for a while. Do not worry. Once you have paid off all the debts and you are ready to stop bad habits of spending too much and spending on unwanted things. When you stop using credit cards for a while, there are 2 main benefits. One is that you will not have more debt adding to your account. Secondly, you will learn to live on limited finances and to thrift.

03. Cut and cut more

This is so simple. Stop spending too much. Just like you followed the first step, sit down. Make a list. Make a list of things you spend on based on their amount. When you have decided on what you have spent mostly on, think twice whether you need to actually spend on that. Likewise, continue downwards. Then you will realize how much extra spending you have been doing. When you keep on doing it you will cut down on many things than you have ever imagined. Another method is to think twice when you are going to buy something.

04. Stop impulsive buying

This is another modern-day problem faced by many people because of online shopping. When you go searching for something you want online, after you select the certain item to and select buy, you see certain items suggested to you saying that other people bought those items too. Those are programmed to enter your mind and compel you to buy other items that you actually did not want in the first place. And when you are tempted to buy them you spend additional money than you wanted to spend. They add up to your credit card debt. And you end up in a bottomless pit of debt. So, stopping impulsive buying thinking of the debt you are in and buying something online only if you really need it will help you big time.

Ways to Stop Overspending on Impulse Buys. Read now

05. Use the most famous method

Many people have a lot of ideas when it comes to getting rid of debt. If you see closely, you will understand that there are more people who were immensely in debt and got out of it than people who lost it all and could not get out of debt at all. So, use their ideas. But analyze them according to your ability to pay the debts off. If you choose a method just because you found that method appealing, it will not be so good for you. It does not guarantee that you will be able to get rid of the debt. So what you can do is combine a method used by many with your achievable goals. Then you will have the perfect plan to get rid of all your credit card debts. But you have to work according to your plan because nothing works out on their own.

Also, you can read our article on 05 Ways on How to Get Rid of Debt from here. Good luck getting out of your credit card debt! You can do it!

Here we are bringing you five useful tips on how to manage your money and how not to be stressed about being in debt. There’s nothing wrong about being in debt if you can pay them off duly without having to go through troubled days.

Luckily, there are many ways to get rid of debt, and not all of them will make you miserable. Some of these tips we highlight below can even be used in tandem in order to help you squash debt faster.

How to Get Rid of Debt

Ready to get rid of debt? Here are 05 ways to get going.

01. The Snowball Method

The first step of this method is to make a list of all the debts you owe (from smallest to largest). And collect all your excess funds and pay off the smallest debt. While doing this pay the minimum payment amount on your larger debts such as credit card debts. 

When the smallest debt is paid, you will get the chance to use those excess funds to pay the next smallest debt. By continuing this method while paying attention to due dates on the side, you will be able to manage the debts and get rid of them sooner than you think to give you sustainable mental satisfaction as well.

02. Paying more than the Minimum Amount

People have many types of debts; credit cards, personal loans, student loans, etc. And many people choose the method of just paying the minimum amount due. This is not the best practice. The most ideal method would be to pay them sooner when you have money. It won’t hurt to pay a bit more than the minimum due payment because it will help you get out of debt sooner than planned. 

For this, you have to be cautious about the payment plan beforehand. When you borrow money, make sure that you will not have to face any prepayment penalty charges. Some lenders have these kinds of rules and regulations in their agreements, so be sure not to obtain such a loan at all times possible.

03. Bid Goodbye to Expensive Habits

You may have heard many stories about how millionaires and billionaires lost everything because of their expensive habits. This culture has become almost unavoidable due to Social Media and popular culture. But this does not mean that you cannot avoid the wave. If you do the best to ditch all your expensive habits while on debt, you will be able to pay off them sooner and live a real stress-free life. 

Look carefully at how you spend your income on a daily basis. Maybe you eat out too often, maybe you try out expensive malls too often, maybe you go out with friends to expensive places too often, maybe you want to keep up with the trends so much that you buy expensive attire too often. All these unwanted habits can be dropped if you try. And once you are out of debt and pretty stable on your own, you will be able to do those again. But remember that it is never a good idea to get used to expensive habits.

10 Expensive Habits You Can, And Should, Break Today. Read now

04. Negotiation is the Key

Always try to bring the interest rates down by negotiating with the credit card providers. Many people get into the trap of debts because of credit card usage. But if one can use them wisely, credit cards can also be your savior. It is all about how you handle the payments and how you choose a credit card provider. 

Always go for a lesser interest rate. Always try to negotiate and bring down interest rates. There are so many customizable credit card plans available at the moment. 

Not only credit card bills, but there are also several other types of bills and debts which you can customize or negotiate to bring it down. And in addition, keep track of all your debts and bill payments in an orderly manner, so that you would not miss any payment and face unwanted penalty fees.

05. Summer Jobs and Part-time Jobs

Are you someone who gets a long summer holiday? Do you have any time after your daily usual work? Then it would be a great idea to do a summer job or a part-time job in the time left. This idea works out best for students but might fit regular work people as well. 

Seasonal jobs and part-time jobs have been around for a long time and practically pop-up everywhere when needed. Take a stroll around the alley and you will find a dozen job opportunities. Some might require physical activities while others don’t. Think of the requirements and the pay they are offering and choose a better seasonal or part-time job and save up some money to pay off the debts. Choose a reliable job carefully so that you would not be disappointed on the payment day.

There you go. Our 05 ways to get rid of debt and breathe fresh air into your debt-free journey. Try a few of these tips and see if they work for you. Cheers to a debt-free life.

How to get rid of Credit Card Debt? Read how