Most of the Americans have been hit hard by the current crisis and they are still drowned in deep credit card debt. If you are also one of the victims, what are the appropriate steps you should take? Regaining financial strength is a must.
Bear in mind that having debt will not deter you from planning an amazing new year for yourself. You still can make the most of the coming year by staying positive and productive. Here are some tips on how to make 2010 a fulfilling year - a debt free year.
First thing first, many people make their resolutions but they do not fulfill them. You are advised to be determined and strict to yourself. Write down your goal and be committed to achieving it. In order to get rid of your outstanding balances from your credit card, you must ensure that you set a realistic budget. Stick it on your wallet so that you can warn yourself every time you spend money.
Secondly, set your priorities. If you have multiple cards, you should begin to focus on the card with the highest interest rate. Pay off the outstanding one by one. Prioritizing will help you to clear your debt faster and avoid paying finance charges through the nose.
Thirdly, create an "attitude" to-do list which you can use every day. Your list includes the following:
Choose to be positive in facing your debt
Minimize your usage of credit cards, if possible, stop using them
Change your spending habit
Save your money from every item such as meals, transportation, groceries, entertainment, etc.
Work harder to get promotion and salary increment
Look for opportunities to gain extra income
Last but not the least; make a commitment to yourself every morning that you will have an amazing day by saving some money to pay off your debt.
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