Are you growing increasingly concerned about your credit card balance?
Do you feel like you keep making the repayments but the total never goes down? It probably doesn’t. Credit card debt is very bad debt and it has a way of reproducing itself faster than a pair of rabbits.
So how can you get your credit card paid off by the end of the year?
Mark managed to pay off a $7k credit card balance in one year, just by making a few smart decisions with his budget.
Decision number 1: Cancel the Pay TV. Mark was paying $79 per month for subscription TV. He didn’t really watch it very much because he was working long hours.
Saving: $948
Decision number 2: No more morning Cappuccino. Mark’s boss had recently installed a great coffee machine in the office, so he decided not to get a $4 coffee on his way to work every day.
Saving: $1040
Decision number 3: Ride to work. Mark had purchased a new bike last year, and he was really keen to get fit. An easy 20 minute ride to work every day saved him paying for train tickets.
Saving: $3000
Decision number 4: Cancel the Gym membership. Mark had made only two guest appearances at his gym this month, and he felt it was a waste of money now that he was riding to work.
Saving: $1200
Decision number 5: No beer on weeknights. Mark was enjoying his new fitness regime and he decided that he would try to only drink beer on the weekends. He stopped buying a 6 pack 2 nights a week.
Saving: 1456
Mark’s story shows just how easy it is to pay off your credit card debt by making a few small changes to your lifestyle. But the first step is to stop spending on the card.
If you can stop growing the debt, you can then start working on bringing it down, one coffee at a time!