A recent survey of roughly 2,000 Americans by NerdWallet
found that about 56 percent of the people who responded carried credit card
debt averaging over six thousand dollars.
Enterprises TV shares tips on how to get out of debt.
Many people carry several credit cards in their wallets. They’re
used for a variety of purchases such as gas, groceries, and small emergencies
like car repair. But eventually, the balance keeps going up until there it
seems like it will take a long time to pay it off. Below are some tips for
getting out of credit card debt without sacrificing lifestyle choices too much.
Set realistic financial goals. Total all the card balances
and make a plan to pay down the debt monthly. The amount can be the minimum to
start with and can grow over time as more debt is paid and more money is free. Use
an online financial planner or a spreadsheet and watch the balances shrinking.
Pay yourself first. Set up automatic transfer of funds to
savings or retirement accounts. Every little bit helps. Add up the monthly
savings shown on store receipts and deposit that amount to accounts.
Downsize the major expenses. Opt for a more affordable gym.
Make coffee at home instead of stopping at the coffee shop where a small cup of
regular joe can cost $5.00. Eat at home instead of going out. Bring lunch to
work. Go to a matinee movie instead of an evening movie.
The Enterprises TV show suggests finding ways to increase
monthly income. Walk the dogs in your neighborhood. These caregivers can make
$15 an hour or more if they walk more than one dog. Go online and find
part-time work. There are great resources for people in many different fields
that have good pay rates. Use that earned income to pay down debt and work
toward a financial goal that used to seem far off.
It takes time and patience to get out of debt. A few small
emergencies put on credit cards can add up if not paid off before the billing
date. Stick to it and soon feel the freedom of not being in debt.
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