The old adage “Out of sight…Out of mind” is especially true when it comes to running up your credit card debt. The ease and convenience with which banks, lenders and retailers have made paying with a credit card, is one reason that it is has become so easy to rack up major amounts of debt in the first place. Instead of hiding from your debts make a commitment to face it head on. Looking for an alternative to bankruptcy or debt consolidation?
Begin by making a list of all of your credit cards on a spreadsheet. Beside each credit card, type in the interest rate, minimum monthly payment required and total balance owed. Print it off and then hang it in plain sight (like on your refrigerator). Each month, make more than your required minimum payments, even if it is by a small amount. Every little bit helps. Each month, when you receive your new credit card statement, be sure to update your spreadsheet. Watching your balance decline each month is a great feeling, and a great motivator!