Make It Your Mission To Live Debt Free

If you have been struggling with credit card debt, make it your mission to get rid of it and live debt free.  I know that is easier said than done but there is hope that you can free yourself from the stress and strain that comes along with credit card debt. 

If you have poor credit due to your payment history, do whatever it takes to get on track with your payments and get those minimum payments sent in on time.  Just making your payments on time will keep more debt from adding up on your monthly statement.

The longer you make your payments on time, the cheaper the cost to carry the balance will be.  This will keep new debt from accruing even when you aren’t making purchases.  When you are late with one or more of your credit card bills, your interests rates may go to the highest limit that credit card companies can charge you.  Once you have established a pattern of making payments on time, they will most likely lower them for you, just as they raised them for you when they knew you were having trouble.

It seems like they should be doing exactly the opposite.  When someone is in financial difficulties, they should lower the interest to make it more affordable for you to actually make your payments.  Instead they punish you, because they can. 

Bad credit will never stop haunting you until you take care of those items that show you as a bad credit person.  If you can’t have them removed from your credit history, pay them off a little at a time and eventually it will be gone forever.  Once you get that debt paid off, you will never have to make another payment to that company again.   You can then use the resources that used to pay that bill added to the balance of another bad credit debt.  They will all be paid off before you know it and it won’t be a big chunk of money all at one time.  This will make it easier for you to see how easy it is to get to the point of living debt free.

If you have to, make time in your schedule weekly to review your balances.  The more you know about how credit cards work, the easier it will be to get them paid off in a reasonable amount of time.  Study how the interest rates are calculated and how it affects your balance each month.  Once you see the differences in amounts from one interest rate to another, you will see how important it is to find a card with a low interest rate.  After you get your credit score moving in the right direction, you will be able to transfer high interest rate balances to cards that have introductory rates that are very attractive.