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Many people find themselves struggling with credit card debt. If you happen to be one of them, replace your stress with an action plan. Becoming debt-free is a liberating experience, but it takes discipline to get there.
Below, 11 business executives share their take on the best way to rid yourself of credit card debt. Plus, they reveal their own practices when it comes to credit cards.
Treat Credit Cards like Debit Cards
I have no credit card debt at 27! I haven’t used a debit card in over 8 years. I currently have 5 credit cards – Discover IT, Alaska, Delta, Costco, and Target. Each card provides a different benefit and allows me to maximize the rewards and discounts I receive. I have always treated credit cards like a debit account, ensuring I don’t spend more than I have. I don’t make large purchases on credit cards that cannot be paid off at each billing cycle. — Megan Chiamos, Cannabis ERP Software
Pay off the smallest balance first
Intentionally paying it off with the smallest balance first. Now with the current situation things are a little different as I need to be mindful to keep some of that money I would have used to double up payments. — Leeanne Gardner, Unbridle It
Understand where every Dollar is going
We have lines of credit that have credit cards attached to them. The balances vary depending on the situation. Cash flow is one of the most challenging aspects of being a small business and I believe it is wise to leverage good credit to cover those gaps. It is extremely important to be aggressive about paying down that debt and knowing where every dollar is going. — Lukas Ruebbelke, BrieBug
It doesn’t matter how broke you are
Before we were married, my wife worked for Sears credit central. Her job was to turn down people with bad credit. As a result of her experience, we have never carried credit card debt during our entire marriage, no matter how broke we were. Makes for both great finances and a happy marriage! — Rick DeBruhl, RickDeBruhl.com
Think of the benefits of being Debt-Free
I don’t have any credit card debt, and to the best of my ability I never will. The interest rates on credit cards are fairly high, so I do my best to pay down my balance every month. If you do this, you’ll rack up all kinds of free points and have a great credit score on top of it. Win-win. — Michael Norris, Youtech
Try Debt Consolidation products
debt consolidation products have been helpful to me in reducing that debt. You have to be very careful though & diligent. That is a solution that only works if you change your habits too. — Emily Beattie, Recruiting Manager
Explore available resources for your unique situation
Many birth mothers we support are faced with financial challenges. Having a baby can be expensive! Not only do birth mothers need to meet their own basic needs, but they also need to worry about prenatal doctor visits and other expenses. Rather than go into debt, many millennials aren’t aware that there are resources that can be utilized to avoid debt. For example, many adoption agencies such as ours can help pregnant women financially. We have services like medical care, insurance, and cover entire pregnancy, labor, delivery, and postpartum expenses. Before resorting to credit card debt to meet financial needs, do some research online to see if there are resources available to help you with your unique situation. — Kenna Hamm, Texas Adoption Center
Be diligent with your dates
Even with emergency savings, I am in the “red” for the first time as an adult due to a whirlwind of occurrences in 2019. My debt is on a 0% APR credit card so at least I can pay it off in 15 months or sooner and not pay interest. I make sure I make payments and on time as I have zero desire to get slammed with all the interest. I know how the financial industry works in that regard and am one of the few who actually sticks with the terms and conditions set forth when the deal originated. I graduated from college in 2009 and witnessed financial roller coasters as I turned 18. As good as I am at inflating my lifestyle, when push comes to shove I know how to cut costs and live at or below my means. — Katie Gillespie, Senior Recruiter/Account Team Lead
Live within your means
“Live within your means” is something that has helped me be financially stable and fiscally responsible. I am of the mentality that if I don’t have the money to buy something I will wait until I have saved enough to buy it with a debit or cash transaction. I have very little credit card debt and I only really have two open lines of credit to show positive activity on my credit report. It also ensures that lenders know I am in good standing and that I always pay my debts in a timely fashion. — Vidya Betesh, Human Resources Generalist
Purchase experiences over things
I was taught to be financially savvy from a young age. I have a credit score of over 800. I do not say that to be boastful, but more to say that having no debt requires a lot of sacrifice. I purchase a lot of things second hand, my car is from 2004 and I am downsizing from a house to a co-op to become mortgage free and cut my expenses in half. I plan to use the remaining funds to help save for retirement, and to purchase experiences over things. — Deborah Bubis, Recruiter and Sourcer
Spend and pay off Debt within the same month
Every month I assume some credit card debt and every month I pay off the debt in full. I’ve been practicing this for years to help establish and maintain a positive credit score (as well as earning points!). The trick is automating the whole process, not going too deep into monthly spending, and not thinking too much about it. — Brett Farmiloe, Digital Marketing Company
