Many people have to struggle with debts on a regular basis. It is not crucial how much money you earn, but how you spend it that determines if you will be in debt or not. If you are drowning in a sea of credit card debts and don't know where to begin, it is time to plan strategically and see the debts off your shoulder.fberti / 123RF Stock Photo
Build a Budget
If you have limited income and you don't have a spending budget, you will certainly end up in debts. Therefore, the first step towards financial independence is to establish a budget and stick to it. Depending on the debts you have, you should set aside certain amount of money to pay up those debts gradually.
Start Using a Debit Card
If you want to pay off your credit card debts, the first step would be to stop accumulating additional debts. You should apply for a debit card and start spending only the money you have. This way, you can stay away from furthers debts and troubles.
Apply For Credit Card Consolidation
Credit card consolidation could help you pay off your credit card debts in a fast and efficient manner. Instead of having to deal with several debts at the same time, you could have all your debts consolidated into one large debt with more favorable terms and one single payment per month.
Use Zero Balance Credit Card Transfers
Zero balance credit card transfers could be used towards paying off your credit card loan as soon as possible. These credit cards will have a transfer fee, but it is usually lower than the interest rate you have to pay on a regular credit card.
Consider Filing for Bankruptcy
If your credit card loan has become unmanageable no matter how hard you try, maybe you should resource to the last step: file for bankruptcy. Filing for bankruptcy is an extremely critical decision, since it will change your life forever. You should carefully consider your options before deciding to take this step.
Ashley has been writing freelance for over 3 years. She is passionate about business and finance and would like to become an entrepreneur in the future.