How to Accomplish a Credit Card Debt Management

Introduction
If you landed with this article by researching about credit card debt consolidation or credit card debt management, you probably have lots of credit cards you want to pay off and finally decided it is time to settle your credit card debts. Congratulations you just made the first step to financial freedom. Acknowledging that credit card debt is a huge problem is one of the most important tasks to become debt free. Here are few suggestions how to execute credit card debt management
Instructions
Difficulty: Challenging
Things You'll Need
job
money
extra source of income
Steps
1
Step One
List down all the credit cards you need to pay off. You can use Microsoft excel to keep track of your credit cards debts. Prioritize according to which one you need to pay off first. The one with the highest interest should be paid off first.
2
Step Two
Figure out a time frame when you want to be debt free. Be realistic and make your goal achievable.
3
Step Three
List down all your daily expenses; include all utilities from electricity, cell phone, gas, insurance, groceries and clothing. Find unnecessary expenses and get rid of it.
4
Step Four
Write down all your source of income and figure out ways how to increase your income. You can look for an extra job or write for a living. You can refer to my article how to retire early by looking for some dimes and use the extra money you find to pay off your debt.Finding extra source of income is a must otherwise you will be in debt forever.
5
Step Five
Now balance your debt and income ratio and see how much money is left every month that can be used to pay off your debt. You don’t necessarily need to pay off all your debt at once. But as long as you are starting to pay off at least one credit card at a time and to continue maintaining paying the minimum due every month then you are on the right tract.
6
Step Six
It will be good if you can find a credit card consolidation company that is willing to consolidate credit card bills for you. If not, just pay off one credit one at a time and continue paying off your minimum dues.
7
Step Seven
Paying the minimum balance a month will not help you pay off your credit card balance. You need to figure out ways to pay more than the minimum and set a time frame as to when you are going to pay off the entire credit card bill. Create a realistic plan how to pay off your debts and be vigilant to follow it.
8
Step Eight
Cut down expenses and prioritize to pay off credit card debt
9
Step Nine
If this plan is not suitable for your credit card debt management, find other credit card debts advice that will work for you. Each one of us has a unique situation and what works for me might not work for you. The important thing is being responsible and finding a solution to become debt free.