This credit-debt cure is just what you need

Americans have a bad habit of living beyond their means.

It seems that people these days care more about their status in society than what they can and can’t afford.

And it shows from the $870 BILLION of credit card debt this country has accumulated!

If you’re someone who’s currently contributing to this amount then it’s time to squash what you owe once and for all, especially if your goal is to retire in the near future.

Here’s a bit of advice on how to pull yourself out of the depths of debt so you can enjoy the kind of lifestyle you want.

It’s almost as if debt has become an epidemic in the states.

Borrowed money is now sitting at an all-time high, according to the latest data reported by the Federal Reserve Bank.

About half of the country is playing a part in adding to these 12-figures.

And with interest rates falling between 15 and 25 percent, it’s easy to see how people can quickly get in over their heads, financially speaking.

Before you know it, one credit card is maxed out and another is opened just to compensate for it.

From then on out, it becomes a constant struggle to take care of your basic living expenses while juggling the ever-growing fees tethered to multiple lines of credit.

But what can you do about curing this widespread credit-debt?

Step one is to get an overview of everything you owe at the moment.

List off all your overdue balances so you can get a good read on what you’re up against.

Next, start tackling the minimum payments (the more you can afford to pay the better) due on each of your cards every month.

Even if you’re only chipping away at these balances bit-by-bit, you’ll eventually start to see light at the end of the tunnel.

Slow and steady wins the race, right?

The idea behind this is to not only get out of the negative, but to save yourself from becoming delinquent and having to deal with collections.

Trust me, you don’t want that to happen.

Getting in the habit of making on time payments, however big or small, is also the determining factor for your credit score.

Lenders will pick-up on your payment pattern and usually reward you with an increase.

We’re getting a little ahead of ourselves here though…

Erasing debt isn’t going to magically happen overnight. You need to identify what made you choose credit over cash in the first place.

More times than not, it’s because you’re living too lavishly for the income you make, but that’s an easy fix if you can learn how to stick to a budget.

This doesn’t have to consist of an in-depth excel spreadsheet or some overly complex way-to-save formula.

Simply determine how much money you NEED per month and use what’s left over for what you WANT, which should be to take care of debt.

It’s next to impossible to live the way you want or start planning the retirement of your dreams if you’re constantly having to deal with the repercussions of debt.

Make a plan to pay off the money you owe and stick to it.

Otherwise you’ll be playing catch-up on what you owe till the end of time.

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