How to pay off my credit card debt
How I did it: I paid more each month than was really comfortable for my budget. What I mean is that I made big enough payments that it put a crunch on things like going out for dinner, buying books or seeing movies. The pain made me want to get done with it even faster so I'd have a little more financial freedom. I also did not put another dollar on a credit card the entire 18 months I was paying it off. My motto was, "No New Debt." It worked.
Lessons & tips: Don't restrict yourself so much that you end of binging on spending. Make sure you have some funds for fun things, but cut back on those so they don't interfere with your goal.
Set up online payment access for your credit cards. For the one you are trying to pay off first, make as many payments in a month as you can. I get paid weekly so I would make a weekly payment after I spent money on groceries, etc. Some weeks it was only $20 extra dollars, but some weeks it was $200. They added up!
Set a definite date you want to accomplish all or a part of the goal accomplished and track your progress. I used MS Money to see where I was on each card.
Resources: Find a financial site (there are lots out there) that lets you calculate the total amount you'll be paying at your APR and using the amount of time you plan to take on it.
Check out www.thesimpledollar.com. This blog has a lot of great tips and strategies if you are trying to get your financial life under control.
Track your expenses in something like MS Money, a simple spreadsheet or even a notebook. It creates a lot of awareness.
