Credit Cards: Pay Them Down, Pay Them Off

In order to decrease your overall credit card debt, it is incredibly important that you take some very simple steps to bring the total amount you owe into perspective. A vital--and often overlooked--aspect of debt reduction is the level of creativity that you need to bring in order to bring your bottom line into the black. Moving from the red to the black also takes a high level of financial vigilance. It feels overwhelming at first. But once you experience progress in attaining these goals, it becomes increasingly easier over time. If you are serious about getting your bills under control, consider the impact the following concepts might have in your life:

1. Stop Spending Immediately Spending money got you into trouble. Not spending will help get you out. While a simple concept, it is for many an incredibly difficult step to take.

2. Write Down Your All Your Debts In order to understand the full and complete impact of what you owe, try writing everything down. Every outstanding loan should go down on this piece of paper. If you owe money to a credit card, write it down. If you still have an outstanding balance on a car loan, write it down. If you owe your mother money from 1975--and you still have not repaid that loan--put it down. Writing down the amount you owe, as well as the interest rate charged for each, will help you bring your finances into focus.

3. Get Creative with Your Goals A level of creativity will only help support you in this process. Some readers of my blog have suggested creating a large thermometer on a piece of butcher paper. They have posted this thermometer on the back of their bedroom door or inside a cabinet in the kitchen. They made sure to place it somewhere hidden from company, but some place they could see if often. Also, you might want to establish ways to treat yourself after you have reached certain payment goals. If you reach these thresholds, treat yourself to a cheap afternoon matinée or an afternoon alone. Find incentives that will keep you focused on your financial goals.

Taking these steps is difficult. It means that you will have to change your life. But by changing your life now, you get to lived a changed life later.

By: J. Richard Shanley

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