For all of you out there who are in trouble, I have decided to write 5 Ways to Get Out of Credit Card Debt after going through a tough experience with credit cards. I have been through times, when I became six months behind and debt collectors were calling my house many times a day. Being at the brink of bankruptcy and debt settlement has forced me to change the ways I manage and appreciate money. Currently all of my 3 credit card debts are under the limit, and the fees, penalties, and phone calls have stopped. This was accomplished without the help of lawyers and third party agencies /debt settlement agencies.
I realize that some people may have an enormous amount of debt from medical bills or some similar circumstance. This article won’t apply to everyone. I try to detail a few simple ideas and habits that I hope will assist you in your endeavor. The methods I have used are for the average person who has just borrowed their way into financial red ink. By May of 2014 I had accumulated roughly $18,000 in credit card debt and was taking a serious look at bankruptcy. Between this and other debts I had incurred, I was unable to meet my minimum payments. My monthly income and expenses looked like this:
Gross Income $4,200.00 and Net Income $2,700.00 (After Taxes etc.)
There is a problem with having a monthly budget that leaves you nothing at the end of the month – unexpected expenses! There are always things in life that pop up that are unexpected and unplanned. This puts you in a position where you don’t have enough money to pay all your bills. Once poor decisions bring you here, you’re finances are like a car driving off a cliff – you’re not in control and it gains momentum on the way down. Getting here may have been easy, but escaping with good credit will prove hard.
The following are the best ways I know to turn your life around and regain control of your finances – hope this helps.