Paying Off Debt One Day at a Time

Every day there is a struggle occurring in our society, a struggle between trying to have a life, and trying to pay all of the bills. Some people are making it but many are not.

When did this occur? It wasn't that long ago that our society lived on cash, not credit. Then a simple plastic card came about and mass debt started. People no longer had to wait to buy the things they wanted. We became an instant gratification society, and with more and more credit available to us it became even easier.

There is a real problem in our society, we are drowning in debt, and it seems to be getting worse. With every big store offering a credit card it has become even easier to go further into debt.

It is time to stop the madness. There are some easy ways to get out of the debt that has occurred in your life.

First, stop using your credit cards. Fairly simple to say, but it seems really hard for people to do. You must control the urge of spending. If you want to purchase something train yourself to pay cash only.

Second, look at all of your credit cards, and put them in order of highest interest rate to lowest. This is the order that you should pay them off. Get rid of those big interest cards first.

Third, set up a payment schedule, where you add an extra ten or twenty dollars onto the first credit card on your list, and only make minimum payments on the others. You will need to make a budget and stick to it.

Fourth, as you pay off a credit card, add that amount to the next card on your list. For example, if your first card had a minimum payment of thirty dollars, plus the extra ten you were paying, you would now pay an extra forty dollars on the next credit card on your list.

Fifth, you have to stop spending on things that you don't need. This by far is the hardest thing to do, as we have created the instant gratification mentality.

Lastly, cut up the cards you don't need. Keep one, possibly two of the larger company cards (Visa, Master Card, etc.), and get rid of the rest. You don't need them.

If you stick to this payment schedule, you will be amazed at how quickly you can pay off debt. It will get tempting to start to buy again as you pay done your debt. But, you have to stop this if you wish to become free of the stress of the bills.