5 Debt Cures Anyone Can Implement
Did you know that the debt of the average household is over $15,000 in credit cards alone?
So, what are the solutions to the growing debt problem? Here’s our list of 5 ways to cure your tendency to acquire debt and to instead work toward debt free Christian living.
1. Get Rid of Credit Cards
Are you aware that that the average number of credit cards per individual is 3.5 credit cards? Keep just a single credit card, which you don’t carry with you. That card will be used for actual emergencies, to reserve a hotel room or rental car and other necessary uses. Even if your credit cards have a balance, get rid of the cards as you work on getting out of debt.
Don’t even consider the pre-approved or pre-selected offers you get in the mail. There are very few individuals who need more credit cards.
2. Change Your Habits
The average credit card carrier has debt that is 14 years old. Habits have developed around managing debt in payments instead of payoffs.
It can be difficult to reverse that dynamic with debt . It’s imperative to understand that easy debt solutions don’t really exist without avoiding more debt, working hard to reduce debt and developing a change inspendthrift habits over time.
For more information on Christian debt consolidation and Christian debt management including financial calculators to gauge your current financial stability visit www.Debt-Free-Christian.com.
3. Kick The Spending Habit
It’s true that you must spend money to live, but many of us havefallen into a habit of consumerism. We head to the mall for entertainment on a rainy day, we eat out because we don’t have time to cook a meal, and we shop for dealsonline that are just “too good” to pass up.
Even if you use cash for your purchases, you’retaxing your financial health. Add up – just for one week – how much you spend on your little shopping trips. Now imagine how you could have used that income more wisely . Even a smallamount of money invested over time can add up to a large sum.
4. Set Up A Payment Plan
Whichever method you choose, set up a payment plan and stick to it.
You may decide to take out a consolidation loan, or work with a debt reduction company that will help you payoff debt and reduce your existing payments, or you might start your own debt reduction using the debt snowball method to reduce your debt. Whatever strategy you decide on, choose it carefully and then follow the plan.
5. Stop Using the Credit Card Account
We all know people who cut up credit cards and begin working on debt butfind they can still shop using their credit card number. Many online stores keep your payment information saved, so it’s easy to click “buy” without much consideration.
First things first – if you have internet accounts that have stored credit card details, sign into your account and delete that information. Not only does that save you if the online store’s servers go down, but it ensures that you can’t make a bad buying decision. When you don’t have the cash, you don’t buy the item.
Source for Credit Card Statistics:
http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
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