Many people do not take the time to read the small print before accepting a credit card. In this way, consumers are unwitting participants in a scheme by the credit card and banking industries to make the holder of the card responsible for outrageous interest rates, penalties, and “fees”. This, combined with rampant spending, in many cases, causes missed payments, and in turn ever-burgeoning balances.
It is a fact that credit card debt causes over one million bankruptcies every year. While it may help one feel better by blaming the credit card industry for their sly, under handed policies, another party holds most of the blame. The consumer is responsible for not only reading the fine print so as not to engage in a no-win scenario with the company, but also for exercising restraint in using the card once obtained to avoid building up excess debt.
Start spending less than your income! Sounds simple, reasonable, and practical, but for many this practice is easier said than done. Work toward this goal. This one thing will solve your credit card debt nightmare. While complete results will not come overnight, this practice will start diminishing your credit card debt, maybe slowly, but definitely surely.
Willpower will play a major role in your new financial resolve to eliminate unsustainable debt on your card. You will feel elation when you see your balances going down, month-by-month. Let this emotion strengthen your willpower to remain diligent. Make a budget and stick to it! Much like going on a diet, you can make it work if you really want to get out of credit card debt.
Remember, if you do not have the money to back up a credit card purchase, do not indulge the urge to spend. It is considerably easier to get into debt than it is to get out of debt. Use your willpower to stay strong and resist the urge to spend just for the sake of spending. Use your monthly budget to help you stay on track and not overspend. The rewards of working your way out of credit card debt are certainly worth the effort. Another great way to achieve the results you want is to keep an eye on your credit score, as it rises, so will your ability to stay the course. Check it often, as well as your credit report: knowledge is power, keep it on your side.