How to Conquer Credit Card Debt with Alamo Associates

Thursday, December 5, 2019

Credit card debt (any kind of debt for that matter) can be terrifying and extremely stressful. It can consume your every thought and make you afraid to even check your bank account. But if you keep ignoring this problem, it will only ever get worse. Today I have some tips to help you deal with your problem head on and stop living in fear.

Know what you owe

You can not possibly remedy your debt situation if you don’t take a long hard look at how much you owe and to whom you owe it. Make sure you write down all of the cards and loans you have, how much you owe on each, the minimum payment, and the due date. You can even use an electronic spreadsheet to work on this. Once you have this done, you can actually see how much you’re actually dealing with. This is extremely important to know your options moving forward.

Create a plan

Are you going to cut LOTS of monthly expenses in your budget to put more money towards your debt? Are you going to get a side gig or start working overtime in order to get more money to throw at your outstanding balance? You need to come up with a plan. Take a look at any extra money you have left over in your budget each month. That money can easily be put towards debt

Work with a company like Alamo Associates

There are companies you can work with that will prioritize your needs by offering you a single monthly payment with low interest rates. This is a great option for many people that are facing a daunting task of paying off a mountain of debt when they have so many minimum payments on all their different debts. There IS help out there so don’t be afraid to seek it out.

Track your progress

It’s important to track your debt paydown progress as you go so you can stay motivated on an ongoing basis. At first it might not seem like much but overtime you’ll see the number go down. When you pay off a small debt, take the money you were putting towards that debt and add it to the payment for the next debt. This creates a snowball of money that’s barreling towards your mountain of debt to knock it out. You have to keep the momentum going.

Do not fall back

You should not use any type of credit card or loan while you’re actively paying off your debt. It’s just too risky. You must only use cash or whatever you have budgeted for a certain expense. It’s important you strictly adhere to this rule or else you’ll lose your discipline and you’ll end up going into even more debt.

Save your money

It’s important to set money aside as a savings for emergencies so that you never have to turn to debt again. Put money aside in an envelope every paycheck for different expenses like a general savings fund, a car maintenance fund, a vet fund for your pets, and whatever other type of emergency expenses can arise.

Whatever you do, don’t give up. You CAN do this and get out of debt!

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