Those that end up being wealthy don’t make it a habit to revolve debt on their credit cards. If you have a goal this year to get rid of your credit card debt, here are 10 ideas to help you get rid of the plastic hangover.

1. Pay The Credit Card With The Lowest Balance- Even though some credit cards may have a higher balance, putting a check mark in the win column by paying off just one credit card will get you fired up to pay off another.
2. Pay Cash For Three Months- If you walk into a grocery store or a department store with cash, you can only get as far as your wallet will take you. By physically not using a credit card for three months, your habits and how you think about money will begin to change.
3. Switch Your Credit Card Debt To A Lower Rate- If you can qualify for a zero balance credit card transfer or some type of low introductory rate, this can help you slow down the bleeding while you pay off a card. There are many good websites on the internet to credit card compare. Try www.billshrink.com as a starter.
4. Get Down To 2 Or 3 Credit Cards- You really don’t need store cards for any good reason, and if you get down to 2 or 3 major brand credit cards that should be enough if you actually need a card. If you are paying off your bills, I recommend getting a card that will give you some type of rewards program.
5. Get Rid Of A Vice- Debt is often built up by our guilty pleasures whether they be large or small ones. Just pick one vice you can get rid of for a year whether it be the morning coffee or cigarettes. This will put some much needed money in your pocket and off the card.
6. Earn Additional Income- If it is a small part time business or just an extra day of work on the weekend, working to earn some additional income that you will use to pay down your debt is a good use of time.
7. Make Your Payments On Time- Credit card companies thrive on the fact that you just won’t pay your bills promptly, thus whacking you with late fees and charges. Just may sure you have your on line bill pay set to the right day or mail your check early enough to avoid these costly fees.
8. Delay Your Gratification- Put in a 48 hour rule. If you are going to make a major purchase, just wait 48 hours before you buy the new product to be certain that you need it. If you put this rule into effect, you will find yourself making less impulse purchases, and really begin questioning what you really have to buy to make ends meet.
9. Talk To Your Spouse/Partner- If you are in a spender/saver relationship and your partner is the spender, have an honest conversation around how many credit cards you both have. There is nothing more damaging in a relationship than having hidden money and debt that the other partner doesn’t know about lurking around the corner.
10. Change Your Lifestyle- Let’s face it, most people live beyond their means. Everyone wants a little taste of the good life and what we see on television. However, most of us can live very well without having the luxury brand of everything. Consider how important those items are when they bring the everyday stress of carrying this credit card debt over your head. Do you really need those items that bad?

Take these ten tips and get your year off to the right financial foot by getting rid of your credit card debt!

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

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oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.