How to Ditch Your Credit Card Addiction

CreditCard-Addiction

Credit cards have become the new standard form of payment for everything from groceries to gas to monthly bills. However, some people rack up more credit card debt than they can afford and it begins what many call a “debt snowball.”

It starts with spending a little more than you can afford and saying you’ll pay it next month, but when you say the same thing months in a row it starts to add up, and before you know it you can barely afford the minimum payments on your cards. If you’re struggling and failing to make your minimum payments on your credit cards each month, it may be time for you to break the cycle and end your credit card addiction. Here are some tips to help you get started and rid yourself of credit card debt.

Make a Tight Budget

If you’re one of many people whose monthly income just matches up with your expenses or you spend more than you make, it’s time to really going through all your statements and fully understand what you are spending. Look into cheaper options for things such as cable and cut out unnecessary expenses such as magazine subscriptions and unused gym memberships. Cutting these expenses will give you more money to put towards paying off your credit card debt each month.

Target One Debt at a Time

Whether your goal is to completely pay off one card or boost your credit score, both can be accomplished by tackling one debt at a time. Focusing on the highest interest rate card or the card with the lowest debt are both great starting points. You can put as much as you can towards them each month while still paying the minimum balance on your other debts. This can make the task less stressful and like you are accomplishing more.

Transfer Your Balance (If it is Best)

Moving your credit card debt from a high-interest rate to a lower one clearly seems to be the best option but it may not actually work for everyone. Transferring your balance is only worthwhile if you can pay off the debt within the introductory low-interest rate window. If you can’t afford to do so, you leave yourself vulnerable to potentially having your rate skyrocket and getting yourself into even more debt.

Overwhelming credit card debt leads many people to pick options which may seem right for them but they don’t fully research them and end up hurting themselves in the long run. Saving an extra $50 per month may seem great but in the long-run certain get-out-of-debt options could have you paying more. If you need help figuring out your options or want someone to speak to your creditors on your behalf, Tayne Law Group is here to help! Feel free to call our offices and speak with a consultant today! We are more than happy to hear your case and will always do our best to get you debt free.

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I just wanted to thank your entire staff at The Law Offices of Leslie H. Tayne, for helping me get out of debt. If it wasn’t for your firm, I would have never been able to resolve my $13k worth of debt in less than 3 years. Your staff did a great job, I was finally able to buy myself a brand new car without using a cosigner. I can’t tell you again how happy I am. I would recommend your services to anyone.

L.C. Client 2007-2009

I sleep like a baby at night now because of the work that you and your office have done. Rest assured that I will refer anyone I know to your office with conditions that are similarly circumstanced.

R.S. Client 2012-2014

You have been very helpful at first directing me in the right direction when I had no clue how to go about handling everything, I really appreciated all your advice and help and hope we can work something out. Thanks again for all your help and kind words, and patience.

D.M. Client 2009-2012