Do You Have A Credit Card Debt Problem?
Posted by: Tina Gold Post date: February 6th, 2010
Do you have a debt problem?
I don’t mean do you have a problem with the fact that you have to repay debts, I mean do you have a real problem paying your credit card debt. We all object to having to make the monthly repayments, thats a given, but some of us are really struggling to find the money to repay the credit card debt we have been building up for years.
Everyone played along with the idea that we could go on spending, using our credit cards to fund a lifestyle that our incomes could not provide for us. We should have known better. If we had spent a little time thinking about it and looking at the numbers it was obvious.
IF YOU SPEND MORE THAN YOU EARN EVERY MONTH YOU ARE HEADING FOR FINANCIAL DISASTER.
You did it, I did it and our friends and neighbors did it. Look where it got us. The rich bankers and industrialists are richer than ever and you and me are struggling to find the money to feed the kids.
We have no-one to blame but ourselves. Yes we were persuaded by the credit cards that a piece of plastic was going to make life feel good and it did, for a while, but that time has come to an end and now we have to face up to the facts. We have a huge debt and someway, somehow we have to repay it and get those credit card debts off of our backs.
Crazy Interest Rate Charges
As if the amount of the credit card debt we have wasn’t a big enough problem on its own, the credit card companies have taken up the idea of increasing our interest rates anytime they feel like making some more money off of us. Interest rates are now at crazy levels especially when you remember that official bank interest rates are at historically low levels. It is just ridiculous.
It may be crazy but we are stuck with the situation we find ourselves in. We do have a responsibility to repay our debts and whatever the credit card companies do to us we still have to try to clear these debts. And that is precisely what we must try to do. Pay off those bad debts and get ourselves back on the straight and narrow, paying for things as we go and avoiding the leeches that are the credit card companies.
Dealing With Our Debt Problems
So here we are with debts up to our eyeballs and a shortage of cash to repay them. We have to face up to the fact that the next couple or three years will be a struggle but if we are prepared to do what we need to do we can get rid of most of those problem debts.
Cutting back on any unnecessary expenses is a must. Stop with the extra coffee you buy on the way to work, cancel the subscriptions for anything you don’t really need and stop buying the beer. Cut back to the basic essentials and throw whatever spare money you can find at your credit card debt. Pay as much off as you can as soon as possible and it makes it cheaper in the long run.
The more you can pay today, the less you pay in interest charges tomorrow. We can deal with these credit card debt problems but we have to be tough and take it on the chin. It may not be fun but you will thank me tomorrow when you start to find there is money left over at the end of the month.
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