Credit is given to those who are worthy of it. It’s a measure of how good you are as a person as credit measures how true you are to your word, how good you are in repaying something that you have borrowed.
Credit cards are meant to help people do their basic household needs: shopping, dining, or loading up on gas and others. The plastic or the card is a means for people to put the goods that they purchased on the credit lending company’s tab. In return, they repay it back to them.
Sometimes though, we get ourselves in credit card debt because we spend beyond our means. Instead of paying the bill in full, we only pay the minimum amount required to be in good standing with credit card companies. But then, we still owe them the balance and as a consequence, they charge us a corresponding interest on the money that they lent out.
Pay off credit card debt entails a willingness to repay what is due. That’s why most companies have programs to help you pay off your accounts. There are a lot of ways on how you can do this.
One good way is to sit down with your credit card statements and a calculator. Getting yourself a good ballpark figure of how much you actually owe is the start. By trimming down on things that you don’t really need and spend so much on is a way for you to start pay off credit card debt. You not only stop deepening your debts but you also turn things around by having more money to ease it.
Consolidate your credit card balances with the help of financial institutions who are willing to give out such kinds of loan. Use the money you got from the loan to pay off the different credit card companies that you owe. In this way, pay off credit card debt is much simpler and more targeted as you only need to worry about one statement, one interest rate, one lending institution dedicated for your accumulated balance.
Of course you still need to live on plastics as this is the most accepted mode of payment in the country. But be sure though that you only have enough so as not to get you confused on keeping track of your expenses. With little 10, 5, 20 dollar purchases, you’d be surprised that you’ve already reached your limit of $500. Worse, you may not even know that you’re already over your limit until your card gets denied.
Being prudent with your finances is the best way that you can go ahead and start paying off your accumulated debt. Living within your means, getting the best deals, banking on what’s important, these are the things that will help you fill the jar. It’s about changing how you live your life based on the circumstance: job loss, family emergency, etc. It’s about being rational and frugal enough to work with your sources of income to ensure that you can pay for what you get.