New Year’s Resolutions are for the birds!

Seriously … they never work, and eventually you start right back up with whatever you gave up (ex. smoking [fill in the blanks], drinking [fill in the blanks], losing weight [ughh], etc. and etc.)! However, you probably spent way too much money over the holidays, just like the marketers wanted – no, dictated- you to do, so I bet you’re looking for a way to get rid of that debt you just raked up on your darn-blasted credit cards. Yes? Well look no further then, because I have your answer (do me a favor though, and start it up next month so there’s no resolution garbage associated with your quest for the debt-free lifestyle, ok?)!

Here it is (the answer, remember?): these simple rules will both reduce your credit card debt, and help you on your way to relieving the stress these plastic devils caused you in 2008. Good luck:

Stop using those awful cards. Make a conscience decision to leave your cards at home (note: in a safe place) and make sure you only use them for the worst, and most serious of emergencies (car broke down on the Interstate, and you’re bank account is empty = urgent situation! Clearance sale at Macy’s = not so much).

Do some banking changes. Remove the things that shouldn’t go together, like the connection between your credit cards and your home loan (this is very, very bad). Also, if you have a line of credit with the bank, reorganize it to something much simpler and not so much tempting. What this does for you: makes your credit card debt stand all by itself (like you use to do in the fifth grade when you were the last to be picked for everything … oh wait, that’s me. Whatever)!

Sign up for Automatic Bill Pay. Organize the minimum amount due, plus twenty or thirty extra dollars to be automatically deducted from your bank account on pay day each month (you can’t spend what you don’t have, which is a good thing). This guarantees that the minimum is taken care of, plus a little extra to eat into the principle balance (note: another good thing).

Save some more. Put some extra money aside! An example of this: every time I thought about buying a cup of coffee, a magazine or lunch I would instead set aside the cash I would have spent, and put it into an old coffee can (like your grandparents did in the Thirties). This really saved my checking account from taking too many little hits (which always seem to add up in the long run, right?).

Visit the bank with this cash. On a specified date take this rusty container to the bank and put the money down on that rascally credit card debt. It will be slow at first (don’t I know this?) but sooner or later you’ll really see the difference and to top that off: you’ll both feel healthier from the “cheap” food from home, and happier from being less stressed out about your credit card debt.

Last, but certainly not least: make sure you refuse all the credit card offers that come in the mail (believe me: once they see that you can pay off your debt, they’ll be searching high and low for you, because most people can’t or won’t). That’s it … that’s all there is to reducing credit card debt (I don’t know why people make such a big deal about it)! My friend, start this New Year off right: by making sure that you get rid of that monkey on your back (credit card debt, dummy)!

Just make sure you start in February like I told you — resolutions are for suckers!

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Source: Money Remix

Posted by: Geoff Caplan

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