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Reducing credit card debt is usually a person's first step toward financial freedom.  As our society has increasingly become of a quick fix mentality, more people have fallen victim to the "buy now and pay later" disease. They sometimes string payments out over such a long period of time it makes their original purchase much more expensive than they counted on.  Until the credit cards are reigned in, a person doesn't stand a chance of becoming financially free.  Below is a starting point toward getting the monkey off your back.

1. Make a list of all of your credit cards. Start with the smallest balance on the top of the list and the largest balance on the bottom. Also write down the minimum payment that is due on the credit card at this time. Credit card minimum payments go down as the balance goes down.  It's tempting to just keep paying only the minimum as it goes down, but that strategy will only hold you captive for longer.  Continue paying what you have become accustomed to paying.

2. If you cannot pay cash for an item, do not purchase it. You will never get out of credit card debt if you do not stop using your credit cards...or at least using them responsibly.  If you cannot pay the balance in full each month stop using them!

3.  Use any unexpected cash flow to eliminate the debt.  Instead of treating this cash as an opportunity to splurge, strongly consider putting the entire amount toward the credit card with the smallest balance in order to expedite your pay off date.

Posted by Lynda Fleming, Customer Service Rep. for Integrity Mortgage