Becoming credit card debt free is only a dream for most people today
. What options are there to get free from the obligations?
Imagine for a moment that you did not have to think about where the money would come from to pay bills each month. Imagine being financially free. Instead of working for forty years and forty plus hours per week, you only work when you want or not at all. Instead of having more month than you have money, you have plenty of money and do not need to use a credit card to make ends meet.
No one ever taught you how to get debt free or how to be free. You can have loans to pay but also have the independent cash flow to be able to pay the loans without using your paycheck.
Think about what it could be like if your house was paid for (no rent payment) and your car payments were nothing. Those items are usually the largest debts in a household. If that were the situation, it would not take much money to be able to pay the bills each month.
What is the secret to eliminating your debt? You could choose the card with the highest interest and begin paying extra on that date each month. You concentrate your payments on that debt while only paying the minimum on your other debt. Once that debt is paid off, you move to the next highest and pay it off using all of the funds you were using on the first debt. You keep paying off a debt and moving to the next debt until all are gone. Tis method is called the snowball method.
Other options that you may have to take on are either bankruptcy or debt settlement negotiation in order to significantly reduce the debt so that your income is enough to pay off the debt. Then it will take discipline to stay in that situation. You still must borrow occasionally and pay it back quickly in order to preserve your credit score. Becoming credit card debt free is a lifestyle change and you can do it.