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 Continue Reading…