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Strategies in Getting Out of Credit Card Debt
Here are some easy and not so easy ways to start
your new financial life.
Get lower interest rates
Generally speaking if you have been a halfway
decent customer for at least 6 months you can
call all your credit card companies and ask for
a lower rate. Even if your credit is good this
is a great way to save money.
Refinance it
Sometimes you can get better rates on your home
loan or your car loan by refinancing. But carefully
check the rates and fees and make sure you will
come out ahead.
Pack your lunch, cook dinner at home and make
your own coffee!
Believe it or not this area can save you hundreds
even thousands a year. That cup of designer coffee
that costs between $2.50 & $3.00 can save
you $30 per month that’s $360 a year. Won’t
that take a bite out of a credit card bill? The
same goes for eating out! Make it a special treat
instead of an everyday occurrence.
OK these may be a little harder but
still worth it.
Here are some other, more difficult ways to
cut expenses.
- Get movies, books and games from the library
rather than buying or renting them. Saves money
and you just get bored of them anyway.
- Downsize your cable bill, go basic.
- Downsize your phone bill; do you have cellular
and regular line phones? You can save a fortune
by getting a family plan on your cell and disconnecting
your house phone. Only works if you have cell
service at home.
- Cut down on dry cleaning bills, most things
can be washed it’s the drying the hurts
them, get a dry cleaning kit for the washer
several companies make them.
- Recycle, reuse, renew, and repair. We have
become a throwaway society. There are websites
and newsletters with terrific ideas. Use cloth
instead of paper towels, use real dishes instead
of paper plates. Find creative ways to recycle
items around the house. Cereal boxes make great
magazine holders.
- Cut back on your driving. Walk, take a bus,
ride your bike, roller skate, carpool to work
whenever you can. Do what they call “trip
chaining”, figure out all your errands
and then figure out how to do the in a row,
coming and going from work or school. Especially
now with gas prices so high this will save you
on gas as well as wear and tear on your car.
- Quit spending…if you don’t have
the cash you probably don’t need it. Learn
the difference between needing and wanting something,
cut up your credit cards and only pay cash.
- Ok, after trying all these if this hasn’t
done the trick, get a second job.
- Now to pay the bills
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