11 minutes | Oct 1st 2020

How to Finally Clear your Credit Card Debt with Lorna Poole

Are you in credit card debt? Have you been in credit card debt for years? How do you get out of credit card debt for good and stay out of it?   Being in credit card debt can be draining, it is like a heavyweight on your shoulders. I can’t express enough the peace, freedom and general free feeling you get from being debt-free. This is so worth the effort.   Here are a few tips on how to finally leave the credit card debt behind.   Make a committed decision Make a committed decision that you do not put anything on your credit card again. Pay any big purchases from now on in full. Put this down in writing and put the note where you can see it every day. You are on a mission.   Don't give yourself easy access to your card Put your credit card away, where you won’t have easy access. There are a couple of ways you can do this. Put your credit card in the freezer. This is where mine stays, it must defrost before I can purchase anything. This stops me from just reaching for the card too quickly.   Some of you will need to just cut up your credit card or give your credit card to a trusted family member or friend. Make it hard for you to get a hold of.   Set up an account for savings   Have an account where you are putting money aside for big purchases. I use the credit union. There is an important reason for doing this. You can get quick at clearing your credit card once you make the choice but the mistake people can make is as soon as they clear the card or get close too clearing their credit card they ease off. Make a purchase and put themselves back into debt.   I did this. You see I make the mistakes for you, so you don’t have too. I had a car with no loan, knew the car was near its end. Cleared my credit card and had to take out a loan for the new car. This is where you need a savings buffer.   Plan a buffer You need a buffer for those big costs. You already know they are coming. Like updating your car, car insurance each year, health insurance all these areas need to be planned for.   Free up some money The money you need to clear your credit card is already available to you. Look at your expenses. What is the need? What is the want? What subscription are you paying for right now that you don’t really need? You can free up a lot of money by taking a closer look at cutting your expenses.   Know your credit card interest rate A lot of people don’t know their credit card interest rate. My card was shocking at 24%, that is high. Imagine my investments compounding at 24%. I had 24% working against me instead of for me. This is why it so important to clear your credit card.   Pay Over the minimum rate You need to clear your card in a balanced way. There must be a buffer for what the universe is going to throw at you because you will get a bill you are not expecting while you are transitioning to your new habits and you need to be prepared. Have your buffer, pay the minimum and as much extra you can while not leaving yourself too tight to live.   If you have a lot of debt as well as your credit card. You will list these in order of lowest interest rate first and you clear the lowest interest debt first. This gives you a quick win to carry on and the money from the first debt is then put to the next debt and so on. Till you clear all your debt.   Financial Future All this money when you free it up could be then put towards getting your money working for you. Having your money grow for you, for the future. You will feel very liberated when you achieve this.   Credit Card Debt is just a habit and it can feel uncomfortable to change your habits, in fact, it can stir up a lot of emotions. Don’t worry, I am here to support you. We are all in this together. If it is your desire to change your money habits. Well then let’s do this together.   Remember to book your spot on my upcoming MASTERCLASS 3 PROVEN STEPS TO STOP LIVING PAYCHECK TO PAYCHECK no matter what you earn. Click here to join >> https://lornapoole.lpages.co/master-your-money-masterclass/             Seen by 45 Like   Comment