Get Out of Credit Card Debt

Credit Card Debt Traps Less U.S. Consumers

CreditKarma.com has reported that consumers cut their credit card debt by 11%! The average credit card balance for 2011 was $6576, compared to $7404 in 2010.

This is good stuff! The way we get into credit card debt in the first place is by spending more money than we have. For some reason, some of us decide that we will deal with the debt later, or that it will magically go away. Poof! But it doesn’t and the feeling of getting out of debt weighs on us. Then we retreat and turn to poverty thinking mode.

It takes real discipline to get out of credit card debt and even more discipline to stay out of debt. We all know the traditional ways to get out of debt: balance transfers, lower rates, payment plans.

Let me give you a few more ideas to get you in the right position to reduce your debt:

1) Control your spending and stick to a spending plan (Duh!). Email me if you need to use a spreadsheet. I created a killer one. You’ll like it.

2) So you’ve cut back your spending. How much money can you now apply towards paying down your credit card debt? $200? $500? That will help chip away at getting out of debt.

3) But if you want a game changer and that will wipe out your debt much quicker, here is a killer idea . . . make more money! It’s that simple. Make more money in your businesses and apply that money to your debt. That means you have to take personal responsibility and take a no excuses approach to creating the financial life you want for yourself.

It’s not as easy as it sounds but it can be done if you go about it the right way. Do something you love and get paid to do it. Add value to people in some way. That’s the recipe for getting out of credit card debt.

For those of you who are employees, be creative in reducing your credit card debt. Ask your employers what other responsibilities you can take on to get paid more. Open up a side business! Do it at night. Use the 30-45 minute commute you have in your car to really think about what you can do. Turn off the radio and get creative.

The average American has paid down some credit card debt, by 11%. But you don’t have to be average. You can be huge. You can get out of debt. You just have to make the decision and take some action.