People who lose control of their credit card debt already have the perfect solution to getting control of their credit card debt. There is very little effort involved but a great deal of pain as they no doubt will tell you. The first rule is to buy ,beg or borrow a big pair of scissors.
It’s an old joke and no doubt you have heard it before but you really do need to get rid of the credit card itself first.
You can do this as the people jokingly suggest by taking that pair of scissors and cutting the card in half. Other people have placed their card in a plastic tub filled with water and buried the tub at the bottom of their deep freezer. That way the card is not destroyed but the urge to spend if stifled because of the effort involved in retrieving their card. Either method is fine just as long as the card is forgotten until you are back in control.
If you have disposed of the card only then you are you serious about the debt. Again and again .Article after article. All will tell you to work out a budget. There is one basic rule to follow and I hammer and hammer it all the time. You can’t budget until you learn to earn more than you spend.
Once you have mastered control of your spending then you can work on formulating a budget. The budget will reveal to you what surplus you have after expenses . From that surplus you can determine how much you can put towards your credit card debt. The biggest problem you will have is sticking to the budget.
This is where the real pain comes in and you have to learn the meaning of “no” all over again. Start with ” No, I won’t replace the card I cut up” or “No, I won’t risk frost bite and thaw out my card” Follow that with “No I won’t pay cash for that ” and “No,I won’t buy that item simply because I like it but don’t really need it” In no time at all you will be saying ” No ” in your sleep. Do explain to your partner if they hear you in bed saying “no” that you may not necessarily be resisting amorous intentions rather you are reinforcing your intentions to curb spending. I am sure they will understand.
So to sum up it is really very simple to get in control of your credit card debt. Give your card a well earned retirement or at least long service leave. Stick to a budget . Only pay cash for everything and lastly don’t spend money on things you don’t really need.
Even if you do decide to apply of a replacement card or retrieve the card from the deep freezer remember to stay in control once you are back in control. If not ,go back to square one again starting with the pair of scissors. Someday you’ll learn.