Did you know that the average household debt is over $15,000 in credit cards alone?
So, what are the solutions to the growing debt problem? Here's our list of 5 ways to cure your tendency to acquire debt and to instead strive toward debt free Christian living.
- Stop Spending
It's true that you must spend money to survive, but many of us have fallen into a habit of consumerism. We head to the mall for entertainment on a rainy day, we eat out because we won't make time to cook a meal, and we shop for deals at the store that are just "too good" to pass up.
Even if you use cash for your expenditures, you're hurting your financial well being. Add up - just for one week - how much you spend on your Starbucks coffee. Now imagine how you should have used that income more wisely. Even a small amount invested over time can add up to a large sum.
- Kill the Extra Cards
Did you know that the average number of credit cards per individual is 3.5 credit cards? Keep just one card, which you don't carry with you. That card will be used for true emergencies, to rent a car or reserve a hotel room and other necessary uses. Even if your credit cards have a balance, cut the actual cards up as you work on getting out from under the debt.
Don't even consider the pre-approved or pre-selected offers you get in the mail. There are very few individuals who truly need more credit cards.
- Stop Abusing Your Line Of Credit
We all know people who cut up credit cards and begin paying off debt but find they can still shop using their credit card number. Most online sites can keep your credit card information saved, so it's very easy to click "buy" without much thought.
First things first - if you have online accounts that have saved credit card details, go into your account and delete that data. Not only will that protect you if the website servers are compromised, but it ensures that you can't make a bad shopping decision in the spur of the moment. When you don't have the cash, simply don't buy the item.
- Follow a Set Plan
Whatever process you choose, start a payment plan and stick to it.
You can decide to take out a debt consolidation loan, or work with a company that will help you reduce payments and pay off debt, or you might set up your own payment plan using the debt snowball method to payoff debt. Whatever strategy you choose, stick to it until you finish.
- Develop New Habits
The average credit card carrier has debt that is 14 years old on average. Habits have developed around managing debt in payments instead of payoffs.
It can be difficult to change that dynamic with debt. It's important to understand that easy debt solutions don't really exist without avoiding additional expenditures, constantly working to reduce debt and cultivating a change in spending habits over time.
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