If you want to get out of debt and establish a long-term plan to build financial wealth here are a few steps to help you get started.
The first thing you need to address are those pesky credit cards.
You pay them on time and they may seem harmless enough, but if you add up how much they really cost you may be shocked.
Paying the minimum will get you nowhere.
What you need to do is identify the credit card that has the highest interest rate and focus your efforts on paying that one off first.
You still need to continue paying at least the minimum on your other cards, but you should pay as much as you can comfortably afford on the one with the highest interest rate.
When that card is paid off, focus your efforts on paying the next card with the highest rate.
Continue this process until all of the debt is paid off.
It won't happen overnight, but this is the most cost-effective way to pay off your credit cards.
If you are unable to keep up with your credit card payments due to a job loss or extreme debt there are other options available to help you.
Online resources can provide you with assistance in managing and reducing your debt.
They can also put you in touch with experts who will work with you to develop a strategy to best meet your needs.
Find out what programs you qualify for, pay off your debt and be on your way to securing a better future.