Are you still struggling to pay off your Credit Card debt,obviously you can downsize your mountain of debt by changing your spending habit and emotional intelligence.Here are some effective steps to make faster pay off your Credit card debt,your successful steps to get out off debt for peaceful life.
a)Focus to pay off Debt with the highest interest rate First
List out all credit card debt with amounts and its interest rate and your focus must be pay off highest interest rate first irrespective of total debt of each credit cards.First attack highest interest rate credit card debt, when you paid off that credit card debt then you concentrate your full power to pay off next highest interest rate debt.
b)Pay more than the minimum payment
Not pay just minimum payment, in addition to minimum payment you need to pay additional amount for faster paying off your debt on credit card.With paying more than minimum payment you could lead to achieve your financial goals.By paying more than the minimum will help to increase your credit score.If your total credit card balance is more than of your available credit limit, it is sure you are going to drop your credit score.This will make harder to get other debt in future since you already deteriorated your credit score.
c)Track your spending and cut your cost
According to a study reported in The New York Times, “people were willing to pay up to twice as much for the same item when paying with a credit card instead of cash.”
List out all your expenses and reduce unwanted expenses.With reducing unwanted expenses you can find the money to pay more than the minimum without much effort.When you start tracking your spending you will see the truth that will hurt sometimes, you were spending a lump sum amount per month for Dining out and other discretionary expenses.Now you understand how ridiculous ways you were wasting your money and simply embrace the truth and start battle to cut your expenses.
d)Stop creating new debt
It is the time to swear not to use credit card regular basis and use the credit card for getting reward points or other privileges.Best idea is don’t take credit card if you are out for shopping,this will avoid temptation to use credit card while shopping.Delay of gratification is the smarter habit to stop creating new debt.Everybody is creating new debt with rising temptation to purchase the things when you don’t have enough money to own it.If you follow delay of gratification you must wait to own that things until you have sufficient fund and you will purchase it with your money, not creating new debt.
Pay off your credit card debt needs your will power to consistently make the payment more than the minimum. Of course you will need to make some sacrifice on your spending to find the money to pay off your Credit card debt. According to American Psychological Association, you can achieve self control and making consistency to reach goals by rewarding yourself against each milestone achievement.So you can follow the technique rewarding yourself following your achievement of goals.
To substantiate success of “REWARD YOURSELF” ,Quote by Dale Carnegie”When dealing with people, remember you are not dealing with creatures of logic, but creatures of emotion. ”
So “Reward yourself” makes you consistent motivation to stick to the plan of achieving your goals when you feel your will power weak.