Can I get out of credit card debt?
Yes, you can get out of credit card debt. If you are determined to get out of credit card debt, you can definitely get out of credit card debt. Although getting out of credit card debt is a bit difficult, it is not impossible. All you need to get out of credit card debt is determination and a plan. Both are equally important (perhaps determination is more important). Determination won’t happen without the proper reason. So, you need to start by asking yourself this question – “What will I get if I can get out of credit card debt?” , “What difference would it make?”, “How would it benefit me?” or “Is there really a benefit to getting out of credit card debt?”. Use these answers to build your resolve. The fact that all the nagging via email/phone (by the credit card provider and/or their bill collector) will be gone should serve to strengthen your resolve and should also provide you with a reason as to why you are trying to get out of credit card debt. Think about the stress-free life you’ll have once you get out of credit card debt. Try to connect the dots between the various reasons and try to see the benefits through them. All of these taken together will help strengthen your resolve and prevent it from becoming weak at any point.
The second thing you can do to get out of credit card debt is to plan. The plan to get out of credit card debt will start with making a list of the credit cards you currently have and noting down the debt and APR for each card. The sum of all these different credit card debts will give you the total credit card debt. You also need to check if you have fallen behind on payments on some of these credit cards (and therefore incurred late fees). You need to avoid this and include it in the plan you have prepared to get rid of your credit card debt. The next step in getting out of credit card debt is to examine your current financial situation and make an assessment of your desired future financial situation. The next step is to research and check the various balance transfer offers available in the market; see if any of these offers can prove to be beneficial to you. Use all of this information to calculate how much time you will need to get out of credit card debt and how you will allocate debt payments across your various credit cards (make sure you pay off the debts that hit you the hardest, but also make sure you don’t incur any late fees on your credit card payments).