Credit card debt is like a string of orange, caught in your teeth.
It may be small, but seems impossible to reach and will annoy the hell out of you until you do.
Credit card debt eats away at your finances, and at your peace of mind. So here are 5 creative ways to pay it off and pay it off permanently.
Live like you used to
You were broke, once. Probably during your university years, you lived as a pauper. Beans were your staple, heating was a luxury and you couldn’t quite afford a bed frame. It’s not necessarily pleasant, but if you could do it once, you can do it again and this time, you might get rid of that pesky credit card debt.
If you are willing to be radical, and return to a university-style life, then you could be debt-free in no time. Make it fun. Drink really cheap wine, and wear recycled clothes. It used to be a badge of honour, why no longer?
No one wants to work extra time. The nine to five is enough of a drag without adding extra hours, but sometimes it’s the most sensible thing to do. A second job might just be what you need to get to grips with a credit card debt you can’t seem to shake. Choose something you won’t despise doing- there’s something refreshing about making coffees and chatting to people when you’re used to office work.
If you like exercise, save on gym membership and get a job that is physical work for a couple of hours every night. Find freelance writing work, or busk on the corner. It will carve away at your debt, and may inspire an entire change of direction.
They really did have some clever ideas, those folk of the older generations. Before the age of technology- and Gen Y arrogance, where we thought we could handle anything- people budgeted with envelopes. Put your budget into necessary envelopes- say, rent, groceries, bills. Then deposit the envelope that holds your savings. Once the cash is gone from the ‘expenses’ envelope, it’s gone.
Don’t touch the other envelopes. This way you can immediately sort out your costs, your money is organised and you can quickly see where your budget needs updating.
Fit it out
An important aspect of debt management is avoiding unnecessary expenditure. Walk to work, and save money on petrol. Spend money when you need to.
If you need a cavity filled, do it now when it’s $90 at the dentist and not several thousands of dollars and a team of peridontists. Keep your car well maintained as any problems will carve a terrifying chunk out of your savings.
It’s an old saying, but keeping busy might just be the key to getting rid of your credit card debt. The more time you spent hanging around and doing nothing, the more depressed you’re likely to get about your finances and the more likely you are to spend money on something you don’t need.
Even if you don’t have a part-time job to keep you distracted, try gardening or reading the Great Novels of All Time- anything to use your time fruitfully and not dwelling on your debts.