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Credit Card Debt and Fast Tracking Your Recovery

26 Jul 2013
Rosemary Rugnetta
0

If you’re tired of living with credit card debt and are ready to experience financial freedom, there are some things that you can do to fast track the process. It may not be easy, but many people have tackled this very same hurdle and come out victorious. For some, the task might be too far challenging to tackle, in which case a credit counseling agency or debt consolidation firm might be necessary.

Track Your Spending

To get yourself out of debt, take an entire month to track your spending. No matter what you buy, write it down or document it on a computerized spreadsheet. Make some general columns to sort the information including variable and fixed expenses. You could also break down the categories into food, gas, utilities, and entertainment. Every situation is unique, so find the best way to make it work for you.

Eliminate the Luxuries

Once you have written down all of your spending for the month, you need to really look at the things that you spend money on and cut back on the “luxury” items. You may be spending money on things that you don’t need. That extra money should be applied to your credit card debt instead. For example, if you need to have your morning coffee, try making it yourself a few times a week. You can save hundreds of dollars each month by doing this. It likely saves you a little gas money as well. Look at the things you absolutely need to have each month. Those are the things that you will budget for next month.

Pay Off Debt

You now know exactly what it takes to live within your means each month. You probably realized that you wasted a lot of money on things that you really did not need to have. If this is the case, you will now be able to start paying off your debt. All of the money that you spent on non-necessities will now be added to your credit card debt. Instead of wasting that money, you are now applying it to your debt and paying it off faster. You can get a better understanding of your credit card debt at consolidatedcredit.org by looking through the free guides. It is important to remember that once you budget for only the things you need, you will soon be able to live without those other things. Once you get your debts repaid, you can go back to your lifestyle of wasting money or you could begin a nice little savings account for yourself.

Make a Plan
You will be amazed how quickly you can reduce your debt when you make a plan in place and stick to it. This does not mean that you can never break the cycle; it simply means that will have an understanding of what it takes to live with the money that you make. The other piece of the puzzle is to avoid adding any more debt. Put your credit cards away, and do not use them.

This plan will teach you to live within your means, balance your finances and stay out of debt. Take the time to consider this option. Your life will be filled with much more happiness once your debts are resolved.

About the Author
Rosemary is a lifestyle and finance blogger from the US. Currently living in London and making a living as a life coach and financial blogger. Lover of life and permanently with her four-legged friend, she's making the world a more positive place, one blog post at a time.

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