Stop Credit Card Debt

First thing to do is obtain one's credit report. One may think they are aware of all their liabilities, but these in depth financial reports will show everything that is owed and perhaps reveal mistakes that need to be cleared up. It is very important that credit card accounts are paid before it goes to collection or the person has to file for bankruptcy.

The second thing to do to stop credit card debts is to observe past spending habits. What is the card used for? Why can't the balance be paid off each month? Most people use this borrowing tool on a daily basis instead of check cards, cash, or checks. If one records spending habits faithfully, this may not be a problem, but if not keeping track of what is spent, they could be in a world of trouble. Attempt to eliminate such obligations one month at a time by only using cash and check. Of course, continue to pay the account payments, but use this method for several months and see how spending habits change and how financial woes decrease.

Third, now that one understands where spending habits need to be changed and how easily it can be to stop credit card debts, create some goals, rules, and rewards. For instance, if one can stop credit card debt by paying double on their account payment each month, then perhaps they can consider planning a nice visit with an old friend. The rewards should not cost a lot of money (if any at all) because that would defeat the purpose. Tell close friends of the plan to stop credit card debts. Having an accountability partner will be a good support system and might even encourage that person to excessive spending of their own.

Having a plan to eliminate continued borrowing and telling friends and maybe even family about the plan to stop credit card debt will help one rest easier knowing that the end of debt is in sight. It may be a long time from now, but at least they are working in the right direction. There are many professional services available that can help create a plan without consolidating or filing for bankruptcy. Remember, the best way to stop credit card debt is to create a plan that works for each individual and stick to it.

Source: http://www.christianet.com/debt/stopcreditcarddebts.htm

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