How to Pay Off Credit Card Debt: Part I

Before you think of investing your money or saving it, you need to first of all pay off your credit card debt and any other debts that you may have.  This is because high credit card debts that have accumulated over many years always stop any investment from succeeding.

High Interest Rates

High credit card balances over $10,000 at high interest rates of over 20% will always see you paying more than $500 every month in interests alone without even reducing the debt amount itself.  This is a real cause of pain and frustration as the credit card debt owner finds themselves only paying interest on the interest that they already owed.  This is normally the result of one making the minimum payments required on the credit card debt and not a higher amount to reduce the balance.

How to Pay Off Credit Card Debt

New Regulations

New regulations introduced in the nation in the last few years will soon make it illegal for credit card companies to continue charging exorbitant rates on credit card debts.  The credit card companies were against these new regulations and fought very hard to prevent them from being introduced.  This is why we would like to show you how to pay off credit card debt so that you can avoid high interest rates on credit card debt and be able to succeed in investing your money.  Before you can learn how to pay off credit card debt, there are some things that you need to deal with before you can proceed with learning how to pay off credit card debt:

Get Tired of Your Credit Card Debt

In order for you to learn how to pay off your credit card debt, you must get to a point where you have had enough of the debt ruining your financial life.  You need to realize that you don’t have to live under the strain of credit card debt all your life.  Many Americans live a life where they are free from credit card debt and you can join them by learning how to pay off your credit card debt.  Get serious about paying off your credit card debt by taking the steps that we will give you later.  Wishing to have a credit card statement that shows $0 and doing nothing about it will not bring any desired results.  Start being proactive, learn how to pay off credit card debt and follow through with it.

Do not blame other people for your credit card debt

For you to successfully learn how to pay off credit card debt and go ahead and pay it off, you must take responsibility for the financial mess that you got yourself into by accumulating credit card debt over several months or years.  The quicker you do this, the easier it will be for you to start reducing your credit card balance.  Blaming everyone else or the politicians, the economy or even your boss will only lead you into deeper debt.  Of course there are people who get themselves into big credit card debts because of an illness that was unexpected and need the debt to survive.  It is unfortunate for these individuals and the debt is justified.  However, those that have been using their credit cards to buy items that they really did not need and which they could not afford have no excuse other than to take responsibility for the mistake that they made and learn how to pay off credit card debts.

Learn from your mistakes

Everyone makes financial mistakes and some are very costly.  However, the best thing to do is to learn from the mistakes and move forward to try and correct them by learning how to pay off credit card debt.  Don’t look at yourself as a bad person but see yourself as someone who made bad choices which can be corrected no matter how hard it seems.  Remember the times that you used your credit card to buy things that you had no money for and how you could not afford to pay off the balance on your credit card statement in the first month.  This should serve as a lesson and help you purpose never to do the same in the future to avoid getting into the same financial trouble.  This should empower you rather than discourage you.  You have the power to get out of the massive credit card debt if you can learn how to pay off credit card debt.  Own the situation by admitting it is your fault, learn from your mistakes and begin to turn your financial life around like millions of Americans before you have done.

Once you own your financial situation and are aware of how you got yourself into credit card debt, follow the following steps to pay off credit card debt.