Paying off credit card debt is a top priority for many people. I know you want to get rid of your debt as fast as possible so that you can use your money for other things instead of feeling like you’re paying everyone else and not really paying yourself. Which is why today I’m sharing 3 helpful blog posts to help you map out a plan to get rid of your debt. If at the end of this post you want a more hands on approach to your debt, be sure to book a one on one debt session with me where I will map out a custom debt plan for you.
#1 How She Paid off $22,000 of Credit Card Debt
“When I made that first swipe I don’t think I knew how much it would affect my life. Living with credit card debt that I could not afford cost me a lot of stress, worry, and unnecessary cash. Yes, it was expensive to be in debt. At one point I had a 24% interest rate on a credit card with a large balance.” Latisha Styles
LaTisha: Absolutely. I truly believe that when used properly, a credit card can be beneficial. It is simply another budget tool. I would consider it an advanced tool because you have to know exactly what your budget looks like before you can use the credit card properly. Each month your credit card should be paid in full. I do not recommend carrying a balance from month to month. Using this strategy and a rewards credit card, instead of paying interest, I get paid to use a credit card each month…. You can read the full post here
#2 How to pay off debt: first change your mindset
Debt is keeping you from building wealth.
“The single most dangerous obstacle to building wealth: Debt.” In order to help you take control of your financial destiny, you’re going to have to take control of your debt. The more debt you have, the longer it’s going to take you to build wealth. This is because instead of having money to put aside to save and invest, you now have to put this money towards paying off your loans, or credit cards, or that old bill that’s in collections or any other debt you have. When you have lots of debt it puts a constraint on your other goals.
Many of the people who signed up for the organize your finances contest all have the same thing in common: debt. They have debt and they also have other goals they want to reach. Some of them even struggle with paying off their debt because they don’t want to feel trapped as if they can’t enjoy their life so they spend their money on other things and pay the minimum amount on their debt.
The less debt you have the freer you are. Imagine if you didn’t have any debt how much money you would have to save and invest. You can read the full post here
#3 How a debt challenge helped 10 people pay off over 30,000 of debt.
In week one of the debt challenge I had $4,111 left to pay on one of my student loans. By week 9 I had $1,000 left to pay. I realized that before the challenge my debt wasn’t moving because I wasn’t really focused on paying it off. Sure I told myself that one of my goals was to pay it off, but I wasn’t really dedicated to it.
I had about 7 other money goals that I was trying to accomplish at once. My focus was split, so I was making very minimal progress.
If your debt isn’t moving it could be because you’re only paying the minimum amount. When you only pay the minimum amount it’s hard to see any progress. You could also have too many money goals that you’re trying to accomplish at once. So you’re trying to put a few drops of water over 7 different buckets instead of pouring a whole gallon of water over 1-2 buckets at a time. You can read the full post here
If you haven’t already be sure to sign up for my free 5 day money cleanse below!