Credit Card Machines 802 Web

Credit Card Debt - Do You Feel Frustrated
By Scott Knutson

If you're one of those people who like to "charge it" to their
plastic, chances are you've piled up a mountain of debt. And
like most people who have spent their way into a financial
corner, are probably don't have the money to pay off your debt.

Credit card debt is a serious problem - a problem that won't
just simply go away on its own. Unfortunately, many people
compound their financial problems by doing just that - ignoring
it, because it's such a scary and humbling experience to face it
head on.

This is unfortunately a bad thing considering that people who
are in debt need to snap back to their senses and assess
whatever it is that they've still going for them and be ready to
face their debt no matter how overwhelming a problem it appears
to be.

Ok, it's time to get real and face the cold, hard reality that
you've stumbled a bit and now it's time to pick up the pieces.
Not fun, but the sooner you start the sooner the oppressive
weight of debt can be lifted from you life and you can go back
to living again.

Clearly, the first step is stop using your credit cards to buy
stuff. Give them a rest for goodness sakes, exercise a little
discipline and go back to only buying stuff you can afford,
which of course translates into paying for things the
old-fashioned way - with cash.

Surrendering your credit cards won't be easy, especially for
shopaholics like yourself, but then again if you would simply
remind yourself that if you don't do something soon you debt
will balloon out of control and before you know it you'll be
filing for bankruptcy. It's like the old car commercial that
talked about getting your oil changed and doing a little
preventive maintenance. The tag line was something like: "you
can pay me now or pay me later" with the clear implication that
you exercise a little discipline now (preventive maintenance) or
pay me later (a much costlier bill like a new engine).

On the other hand, excessively high credit card debt, no matter
how much it actually is, is not the end of the world - although
it feels like it. A lot of people who have had the same problem
have been given a second "financial" life after they stopped
irresponsibly using credit cards. Of course, they also put in
the effort to setup a budget and prioritized paying off their
and changed their spending habits to better reflect their income
and most importantly - they did something completely foreign -
they started to actually spend less than they made. So you see,
all is definitely not lost but it will take some effort.

Once you decide to start taking financial responsibility it's
time to take action. Be friendly with your creditors and by
friendly I mean asking for their advice on how you can
restructure your debt into a plan that you can actually afford
without having to starve yourself for years and don't be afraid
to ask for a big reduction in the interest you're being charged
and a little "forgiveness" in the amount of debt you owe - 50%
reduction is good target.

Knowing that you're actually interested in taking
responsibility for your credit card debt shows a lot of maturity
on your part and your creditors will most probably be more than
happy to help you out because 50% of whatever you owe at a lower
interest rate is better than the hope of getting 100% of nothing
- as in you filing for bankruptcy. Not that bankruptcy will
eliminate all your debt, it won't but this is not only a hassle
for you it's also a big hassle for your creditors.

Although your creditors won't give you the money to pay for
your credit card debt, they can educate you in what you really
need to know about fixing your finances: From learning how to
discipline yourself from overspending, having a monthly budget
as well keeping track of one's expenses is extremely important.
If you don't know these things it's nearly impossible to exhibit
proper financial responsibility and to bit the bullet and make
the necessary changes.

Once you've finally been given a fresh start with regards to
your financial life, don't even think of falling back to your
same old habits ever again. If your job doesn't let you enjoy
some of life's luxuries then you better make a choice between
having a lifestyle change or finding a better paying job or
getting a second job. You have to make sure that your income, no
matter how much it is, is more than you're spending.

Remember, credit cards are not the problem; it's your lack of
discipline. Learn to exercise discipline and having a credit
card or two is not a bad idea. Just be sure to payoff the
balances each month and only use them as an alternative to
always having to carry around a bunch of cash.

About the Author: Scott Knutson is an entrepreneur and writer.
For other articles he's written visit:
http://www.debtmergeresources.com/ |
http://www.debtmgmtresources.com | http://www.aneyeondebt.com

Source: http://www.isnare.com