NEW YORK (MainStreet) Want to get out debt? Well, this plan may work for you! Are you at a place where you are swimming in credit card debt? Well, you are not alone. Millions of Americans are consumed with too much credit card debt and a result feel financially stressed.
After finding myself in thousands of dollars of credit card debt, I knew it was time for a change. Of course, I could afford the minimum monthly payments, but owing thousands made me feel uneasy. So I finally decided that something had to be done. Although I really felt this was one of those impossible dreams that simply lingered in my head, determined, I decided for once and for all, I was going to be completely credit card debt free.
How I did it
I first had my "come to Jesus moment" and wrote every credit card debt and small loan balance on a Debt Reduction Plan I created.
From there, I divided each balance by 12 to determine the amount I would need to pay monthly in order to bring the balances to zero after a year's time.Next, I had to get creative. I thought of clever ways where I would be able to earn extra money. This included money earned from self-employment and hobbies. For each month, I created expected additional streams of income that I fully committed to reduce my debt.
Throughout my Debt Reduction Plan, I stuck by my motto "just say no!" This simply meant, I said no to spending outside of my budget, purchasing items I simply didn't need, dining out and no to another pair of cute black shoes! And finally, I said yes to living inside my budget.
In addition, I kept my debt reduction plan with me throughout the entire process. This served as a reminder to help me stay on course.