Decreasing Debts

I am not going to give to 10 tips on how to decrease you debts nor am I going to give you my shopping list totaling under $100.00..
My 2 reasons for this are that
1. Every house runs differently so what works for me might not work for you.
2. We like to eat good food, so in our house $100.00 per week on food just doesnt cut it for taste value.

But what I will tell you is this..
Anyone with a credit card debt that is too big too jump over needs to google “0 interest credit cards”..
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We had credit card debits over $20,000 of which I couldnt see the light of day.
But what I did find was that at the moment all banks are fighting for business so here are my quick tips..

1. Open a new credit card if you have too, as little as it may be and start to move small amounts across and chip away. If you have 20,000 @20% but can make that 15,000 @20% & 5,000 @ZERO!!! Do it.. As you are already saving money.

2. Remember this big catch with zero % credit cards, the moment you use them you forfiet your interest free period, most people dont know this…
So only pay it off – NEVER SPEND ON IT TILL YOUR DEBIT OR TIME IS DONE!

3. Work out how much you can afford each week and pay this straight from your wage the minute your money hits your account. I had 5,000 over 6 months and paid 250.00 per week. This way I could cover the total in the time frame but still had grace if something went wrong.

4. After each week before our next pay, I would move any tiny spare bits of money left straight onto this card making our accounts zero. It was surprising what an extra 10, 25 or even 50 makes here or there.

5. I have just paid off my latest 5,000 & renegotiated with my card holder for another 6 months interest free. They werent going to do it, but I was very frank and made it clear that if they couldnt do something I would close my account. They did the following
They have offered me 6 months interest free
They will take on my remaining debit of 10,500 which they will increase my card too to do so.
They will close the 2 credit cards they are taking this debit from.
Once the 6 months is up they will then give me a life time rate of 7% less than the market rate..
So for once I am feeling my shoulders lighten.

Credit cards are a trap for some, an escape for others or for some a safety net. We all use them differently. If you for what ever reason are caught in credit debt and cant pay off more that the payments each month, then consider what I have said.
As we were those people, maxed out, over drawn fees each month due to the interest going over our limit and the amounts wete never dropping.
It can be done. Even 1,000 here or there..

My last tip.. Once you are decreasing debit and paying cards off dont forget it is super easy to decrease them. Dont be scared of the What if we need the money thoughts, as you can always increase again just as quickily if you ever need too..

What is your debt story?

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