Get rid of Credit Card debt in 2013

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Find out a few easy steps that will save you thousands.

When a new year comes, we’re all holding the love of our life or a good glass of champagne – also, we make our resolutions, and determine what we want to win the next year.

And, some might have this on top of their lists: ending my credit card debts, once and for all.

It’s not an easy feat, and it takes time, resilience and patience – but some measures must be taken if you want to start next year with a better credit or steer away from bankruptcy.

So, here are a few steps to help you achieve your goal, and get a bit more debt free.

• Bye bye Credit card: I know this one is a tough one, but if you intend avoiding spending and increasing your debt, stop using your credit card. It will be too tempting to have cards around with all those online stores and with so many things waiting to be bought, but you have to draw a line.

The best way to do this is to drop all credit cards, and leave just one active – use it for emergencies only, and keep it tucked away in a place you can’t reach, like a safe deposit box.

• Double the payments, double the fun: Stop paying the minimum required by credit cards and double your amounts. Not only you’ll pay off your debt quickly, you’ll also reduce interests. This will save you a lot of money, given that those minimum payments seem small, but they come with unusually high interest rates, and you end up paying more than you owed in the beginning.

• Change your spots: By this I mean, change your spending habits. This is extremely difficult to do, given that it means you’ll have to have a greater self-control, and you’ll have to be frightfully honest with yourself, and see if what you’re spending is what you need, and not necessarily what you want.

Start by cutting off on phone services you don’t need (internet payments, call waiting), see if your cable TV plan is truly necessary or if you can reduce the cost with fewer channels, cut on manicures every week for once every two weeks; opt for the generic products at the supermarket; don’t eat out so often.

These are just a few examples of measures one can use to prevent the debts from rising.

• Make a Budget: If you develop a measure of your expenses, it will be easier to stick to a plan instead of falling off the wagon again. You must be realistic though because if you aim too high and want to save up too much, you can reach a breaking point where you’ll go on a shopping spree and spend it all again.

About the author- Matt Anton

We can always learn something about managing our personal finances. To know more about the subject, take a look at Matt Anton’s website at http://backlinksvault.com