With credit card debt such a common problem, it seems like everyone has the “perfect solution” for you. All you have to do is watch the television for a couple of hours and you are bound to see at least 3 or 3 commercials offering you help paying off your debt. Unfortunately there is no single solution that is right for everyone. It takes some research to find the right one for your situation.
But without a debt there are a few strategies that do not work, for anyone, for any situation. Here are 5 debt relief strategies that you should definitely avoid:
1. Waiting for the “right time”. Why is this a problem? Because we all know that when it comes to getting out of debt, there is only one right time – now! It’s easy to tell yourself “I’ll get started it when…” But “when never comes. Because debt grows so fast that the longer you wait to do something about it, the more debt you’ll have and the harder it will be to get started. So if you really want to get out of debt, figure out the right debt relief program for your situation.
2. Playing the lottery. Sure, playing the lottery once in a while is fun. Like they say, “You have to be in it to win it.” But it is not a strategy for getting out of debt. And for those people who spend $20, or $50, or more each week, it is actually a strategy that will keep you in debt. Take that money and invest it regularly into a money market account, bonds, or just a savings account. You may not get rich fast doing this, but your account will grow bigger on a regular basis.
3. Ignoring the real problems. What are the problems? There are two of them. First, spending too much money. Second, making too little money. If you keep spending money you don’t have, you’ll keep getting deeper and deeper into debt. So put away your credit cards. Sell stuff you don’t use any more. Get a part-time job or start a part-time business. All of these will help you get back on the right track.
4. Getting more credit. Balance transfers can work. Especially if you have high interest rates on your credit cards. Paying 0% or 5% even for a few months can mean that more money goes towards your balance. But if you use the new credit cards, then you defeat the entire purpose. So if you use this strategy, make sure to put the new cards in a safe place, and do not use them.
5. Hoping. Hoping that things will get better in your life is a nice idea. But without taking any action it just won’t happen. There is nothing wrong with having positive dreams and thoughts, and even better if you have positive goals. But if they just remain thoughts and goals then nothing will change. You need to have a plan of action for making your hopes and dreams and goals come true!
There are no secrets to getting out of debt. It takes time. It takes effort. It takes a plan. Sometimes it even takes professional help. But most importantly of all, it takes action. Not action a day, or week, or month from now. If you want your financial life to get better, come up with a good debt relief plan and make your dreams come true.
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