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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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