After deciding it was time for me to get my credit card balances to zero, I really felt this was one of those impossible dreams that lingered in my head. But determined, I decided for once and for all, I was going to be completely credit card debt free!
How I did it
I first had my “come to Jesus moment” and wrote every credit card debt and small loan balance in my B.A.D.G.E. Financial Planner I created. From there, I divided each balance by 12 to determine the amount I would need to pay monthly in order to bring the balances to zero.
Next, I had to get creative. I thought of clever ways where I would be able to earn money. This included money earned from self-employment, hobbies, and other sources of income. For each month, I created expected additional streams of income that I fully committed to reduce my debt.
Throughout my debt reduction plan, I abided by my “just say no plan!” This simply meant, I just said no to incurring additional debt and to spending on items I really didn’t need. And finally, I said yes to living within my budget.
In addition, I kept my template with me during the entire process. This served as a reminder to help me stay on course. Therefore when I was tempted to purchase a new handbag or a new pair of shoes, I was reminded that a few months ahead I would have a zero credit card balance.
I also need to tell you that the process was challenging and at times, I was unable to pay the amount I committed to on paper. However, these minor setbacks cannot compare to the feeling of being credit card debt free.
So, if you are at a point where enough is enough, then this plan may work for you.
Remember: your choice, your future!