You can Download Your Free Debt Guide here to help you. Let’s get rid of this debt for good this year.
Let’s face the real issue here.
Sprinkling sugar over poop doesn’t really make it any sweeter because it’s still poop.
It’s still something that you don’t want to eat. Sorry to be so graphic, but it’s true. (Hope you weren’t eating your lunch) Consolidating your credit card debt isn’t a magical solve because you still have a payment to pay each month. Your goal should be to get rid of debt not extend how long it takes you to pay it off.
Let’s not play hot potatoes. Before you run off and research debt consolidation I honestly think that it’s possible for you to pay off your debt without consolidating it.
“Debt consolidation is nothing more than a “con” because you think you’ve done something about the debt problem. The debt is still there, as are the habits that caused it — you just moved it! You can’t borrow your way out of debt. You can’t get out of a hole by digging out the bottom. True debt help is not quick or easy.”- Dave Ramsey
First, let’s figure out how you got here?
It’s important to figure out how you got here so that you don’t end up here again. Just like you can’t just throw your three-year-old in the corner and put them on time out without explaining what they did wrong. The same is true about your debt. Pull out your credit card statements from the last 6 months to a year and have a look at them.
What did you spend the money on? New furniture? Too many brunch dates? Too many vacations? With each purchase ask yourself:
- Did I honestly need this?
- Is this something I wanted?
- Did this really improve the quality of my life?
- Am I doing this to try to impress others?
These may be tough questions to ask, but you must ask yourself. Remember you don’t have anything to prove to anyone and the less material items you need the better off you will be. We’ve been brainwashed into thinking the opposite.
Buying more things won’t make you happy.
Being debt free will make you happy. As a matter of fact maybe you should tape a sign to your credit card that says I’m on a mission to be debt free.
Every time you pull out your card you will be reminded of your mission. Now your actions will be leading you to your new goal of being debt free or pulling you away from it. The choice is yours, my dear.
You have to be fed up with where you are. Debt is not your friend. It is the enemy and it doesn’t want to see you succeed. It wants to see you fail. It wants to keep you trapped. It wants you to think like the rest of the world and blend it. Darling, you were not put on this earth to blend in. You were put on this earth to shine. And debt is dimming your light.
How to get rid of your credit card debt (debt consolidation should be your last choice, remember the sugar on top of poop):
- Look at your last 6 months to a year of credit card statements. Figure out where all your nonessential spending went, and cut it off like a bad friend who stabbed you in the back.
- Pick a debt method that works for you are you an avalanche person or a snowball person? Personally, I’m a snowball person, I like to choose the debt with the lowest balance and pay that one off first.
- Choose one credit card that you’re going to focus on paying off first. Yes, I said one. Focus. Use all your excess monthly income towards this one credit card after all your bills are paid, you’ve put a % into savings, and a % towards investing, pay the min. amount on all other credit card debt.
- Then move on to the next credit card after this one is paid off. Repeat.
- Once your debt is paid off you’ll have more money to save and invest. Whoop Woot!
Just like there’s no magic pill to losing weight, there’s also no fancy way or secret to eliminating debt. You just have to adjust your lifestyle and spend as much as you can on debt (while still saving + investing of course), so that later on you can have more money to build wealth and save.
You can download Your Free Debt guide here to help you. Let’s get rid of this debt for good this year. We’re not playing games.
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