How Get Out of Credit Card Debt
The problem with credit cards is how easy it is to spend money with them. Especially now that we can shop online.
You see something you need for your business. There’s a brilliant sales page with loads of excellent reviews by names you know in your industry. You’re sold.
You pop in your credit card details and get the book or the course or the tool. It arrives in your Kindle or inbox instantly. As if by magic. You start reading or learning or using it and then you get distracted with the next shiny object.
Keep doing this and suddenly you find yourself maxed out. Your income just can’t keep up with all your purchases. Yet.
Don’t worry, in time, it will. If you just keep building your empire. But for now, let’s do something about that credit card debt.
Here are 5 Strategies to help you get out of Credit Card Debt.
1. Stop Spending
I know it’s difficult because there’s always something that catches our attention and ads are designed to create a sense of urgency. Here’s a trick you can use if you’re not quite ready to chop up your credit cards yet.
Put your credit card in the freezer. Pop your credit card (or cards?) in a ziplock bag with some ice cubes.
This is the perfect way to give yourself a cooling-off period. (‘Scuse the pun). Cards take a while to thaw so you can’t use them right away when temptation strikes.
2. Stop Getting More Cards
While we’re on the subject of more than one card, stop saying yes every time you get offered a card, on the phone or in-store. The more cards you have the more trouble you could be in.
3. Learn to Respect Cash
We live in a practically cashless society nowadays but that doesn’t mean you have to lose all respect for cash. Here’s what I mean by this. Make a deal with yourself only to make a purchase when you have cash in the bank.
As entrepreneurs, we know all about feast or famine. Cashflow can be sporadic at best in the early months or even years. Learn to live without in the lean days or months.
And if you absolutely need cash for something in your business while you’re still building it up, there’s no shame in taking on a freelance job or side hustle to generate some quick cash.
4. Colony Associates has your back
There’s no shame in asking for help either. You don’t have to go it alone. Sound advice is a phone call away. And you’ll find that Colony Associates offers a single monthly payment with low interest rates.
5. Create a Healthy Money Mindset
Do whatever it takes to transform your relationship with money. Immerse yourself in books on financial literacy.
Practice using daily afformations or affirmations.
Try some EFT (Emotional Freedom Technique). I’ll leave you with this video I shot recently on tapping on money blocks.
Wishing you all the best as you figure out how get out of credit card debt.
This post was sponsored by Colony Associates. This is one of the ways I earn income on my blog. All opinions are my own.