Eliminate Credit Card Debt In UAE In 5 Simple Steps
The lure of minimum payments puts more people into debt than anything else. But there could be other things that could have led to your bad finances and you have ended up in a credit card debt spiral. But is there a way out? In a country like UAE, you cannot do away without a credit card. It is not only convenient to pay via credit card but also more secure and you also get to enjoy free credit for a certain period.
Cutting to the chase, you want to eliminate your credit card debt and you are wondering how? Well, the most important step according to me is to accept that you are in trouble and a willingness to take action and change your ways, whatever it takes.
Check out this video below that gives simple steps for debt elimination.
5 Simple Steps To Get Out Of Credit Card Debt:
5 Steps to Freedom From Credit Card Debt:
1. Stop Using Those Credit Cards
Well, it is very simple. If you go on splurging, how the hell can you get out of debt? So put those credit cards away which put you into debt in first place, at least till the time you pay off your credit card/cards. Then once your out of debt, you can create a better strategy to handle your finances.
2. Sell Those Unwanted Stuff
Many a times we buy stuff which we do not really need. The notion of available credit on hand in the form of a credit card can easily play with your mind and get you to purchase things that you do not really need. If you have such items, sell them. Pay off your credit card bills with the money that you get.
3. Reduce Expenses
This needs no explanation. Save! Save! Save! Yes cut down on your expenses. Maybe you can go out for dinner twice a month in place of 4 times and to a cheaper joint. Well, make a list of your usual monthly expenses and see where you can reduce. Use the money saved as a contribution to pay off your debt.
4. Create A New Source Of Income
If you have time on hand, utilize it. Take up a part-time job or give tuition or do something which can earn you some extra money.
5. A Payment Plan
Create a payment plan and do not deviate, what come may. Try and increase your payment every month and never let it to reduce.
Complex problems can be solved by simple basic steps. You do not have to break your head on creating a complicated plan to reduce or eliminate your credit card debt. Watch this video twice and you are good to go!