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We all know what to do to get rid of credit card debt. But a discussion of strategies never hurts.

STOP Spending Money Without Thinking

This one may sound easy, but it is by far the hardest. You have to figure out why you are spending so much money. Take a hard look at your finances and realize that you needed a change. There are a lot of things you can do to stop spending money. Beyond paying your regular bills, you need to figure out where the rest of your money is going and cut off the spending. It may be harsh, but it is important.

If you haven’t done so already, you may want to sign up for a service like Personal Capital. They can change your financial life.

Pick Your Debt Payoff Method

Once you figure out how to stop spending money, then you need to choose a debt payoff method. There are quite a few to choose from, but the two main ones are the Debt Snowball and the Debt Avalanche. You need to know the difference. We used my emotions to get into debt, but we need to take them out of the equation. By using the Avalanche method, you may be able to save thousands of dollars worth of interest payments.

To be very honest, it doesn’t matter which method you choose. The only way you will get out of debt is if you choose a method. There are no winners here by choosing one over the other. If you choose something, you’re a winner! Remember that and move forward. I’ve even seen people start out with one method and switch. You can do it month by month. Just start today!

Stay on Target and Focused

Welcome to the next hardest step. Paying down debt is not easy and it will usually take some time. We all don’t have the luxuries to just pay off our debt in a couple of months. It will most likely take years. We worked hard to make sure we stayed on target. There are so many temptations that occur in everyday life, but you have to understand your goal.

Do you want to be buried in debt or would you rather have financial freedom? Don’t be afraid to tell your friends or family that you can’t do something because you can’t afford it. You may not want to irritate your friends or family, but these are necessary changes. If they love and respect you, they will understand. Paying off debt is about you becoming a better person and more financially stable. You have to do whatever you can to stay on target. Make some simple changes along with harder changes to make sure you stay on your debt payment plan.

Make More Money

You can only save so much, so there might be many times where you just don’t make enough money to accelerate your debt repayment. There are quite a few ways to make more money besides your full-time job. You have to think outside of the box when you are paying down debt. Think of something that you are good at and go see if you can make money from it. Don’t spend money to start a side business though. That would be unwise.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.