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Credit card debt can be crippling, and who wants to walk around with that crutch when you don’t have to?

Let’s face it, most of us have been there, we’ve seen something we wanted to purchase, but didn’t have the cash for, or we’ve been in a pinch and needed to pay for something with a credit card. It happens, but what you don’t want to happen is for the credit card debt to get in the way of you enjoying life and living it to the fullest. Debt can cause stress and unwanted relationship arguments. No one wants this, so let’s take a little time to discuss credit card debt today.

Credit Card Debt Can Be Crippling.  Steps To Help Pay Off Debt:

1. First step is to keep track of your income. Know how much money you bring in after taxes and how much you have to spend.
2. Budget- This can be as easy as writing down all of your debts and making sure they are all paid on a regular basis. When you know what you owe it is much easier to have the money available when the bills are due.
3. Watch what you spend. It’s easy to whip out your credit card for impulse purchases, but you will feel much better if you stop unnecessary spending.
4. When you pay off a debt it can be very satisfying. That will motivate you to work hard to pay off the other debts. We recommend starting with one of your smaller debts, pay extra on it every month until it is paid in full. Once that debt is paid in full you can move on to paying the next debt and continue this until all debts have been paid in full.
5. If you are struggling to make all of the payments every month, you may consider consolidating some of your debts so you have less payments every month.
6. Sometimes you get credit cards in the mail that offer 0% interest on balance transfers for 6 months or a year (or some other time frame). If you have a super high interest rate, it may be in your best interest to transfer the balance to a 0% interest card. Please note that often times there are fees associated with this and you will more than likely end up paying extra this way.
7. Make a plan. The best way to pay off debt is by starting with a plan and sticking with it. Decide how you are going to pay off this debt and get started.
8. Talk to investment professionals. Sometimes it helps to discuss your finances and plan of action with an investment professional, such as the ones at Punch Associates.

When debt is not completely controlling your life, and you have complete control over your income and your investments, you will feel a whole lot more comfortable and you will be able to sleep better at night. There is a great satisfaction in knowing that you don’t have to worry about where the money is going to come from when a bill is due. Setting yourself up for that satisfaction is not really all that hard to do. Oftentimes people feel that they will never be in the position to invest money, or have fun without worrying or guilt. That doesn’t have to be the case. Sometimes it takes a little sacrificing in the beginning to get to where you want to be in the end, but trust me, it is definitely worth it.

Start by paying off your debts, sitting down and making a budget, and coming up with a plan of action for your future. Where do you want to be in 5 years? 10 years? Now that you know where you want to be, make a plan and take action. Don’t sit and wait for the debt to suddenly go away, or for a winning lottery ticket. Rise up and take control of your finances and your life.

Speaking with a financial advisor or investment professional, such as someone at Punch Associates, might be the key to getting to where you want to be in the future. They could help you map out a plan of action so that you know exactly what steps you need to follow.

Years ago owning real estate was just a dream that my husband and I had. We had credit card debt, kids, vehicle payments and I was a stay at home mom. There was no way we were going to be able to purchase real estate or invest in any manner. Every penny we had was important to providing for our family and I didn’t even want to think about investing a dime. I was too afraid that I would miss that dime.

Guess what? I woke up and realized that only I (and my husband, of course), could get us out of this crazy control that the debt had on us. We had put ourselves in this situation, and we had to get ourselves out. We started by sitting down and making lists of all of our debts. I wrote down every single thing we owed on. I wrote from smallest to biggest. I also added the dates everything was due, the monthly payments, and the dollar amount owed in total on each debt. Once we had all of this info, I started working to pay extra on the smallest debt first.

Paying down these debts had become like a game for me. I was excited to see the debt dwindling and couldn’t wait to have it completely paid off. It was such a satisfying thing to pay off that first debt. Once I had tackled the first one, I couldn’t wait to start on the next one. We worked very hard to pay down all of our debts. We even consolidated and transferred some balances to 0% interest cards so that we had a little extra time on these cards without getting a lot more interest.

Guess what happened?

We were able to start investing in real estate! We started by flipping a house. Once that flip was sold (it was a lot of work, but so worth it), we invested that money and from there we were able to continue to invest in more real estate. It sounds impossible in the beginning, but we are proof that with hard work, dedication and organization, you can do anything you put your mind to.

Credit Card Debt Can Be Crippling Says Punch Associates. Who Wants to Walk Around With That Crutch When You Don’t Have to?

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