Debt is a form of slavery. It can be crushing and debilitating, as well as a major hinderence to building wealth, which is why in most cases it’s wise to avoid it like the plague if you can. Check out a few tips to get out of credit card debt.
When you find yourself in a ditch stop digging. Get a hold of yourself you don’t need that Louis Vuitton belt buckle.
2. Make a Budget
Track your spending, create a budget and trim the fat from expenses. A little here and there can add up.
3. Increase your Monthly Payments
If you just pay the minimum payments it can take years to retire the balance. So pay as much as you can and as often as you can.
4. Make your Payments Sooner Rather than Later
The earlier you pay in your bill cycle the less interest you’ll pay for that month. Credit card interest is calculated based on the average daily balance. By making payments earlier the interest that accrues is reduced.
Those are just a few quick and dirty ways to reduce your debt that have worked for me. What are some of your tips to eliminate debt? Hit me on the Gram.