Mistakes to Avoid When Paying Off Credit Card Debt

Mistakes to Avoid When Paying Off Credit Card Debt

It is often assumed that debt is a given – we head off to college and sign up for a set of student loans. The credit card offers flood in, and it is easy to begin a lifestyle of charging. After we graduate, it is natural to want to establish ourselves as an “adult” so we continue our pattern of charging – furnishings for our new apartment, clothes for our new job, drinks and dinner out with friends.

If we haven’t landed our dream job yet, we find ourselves charging groceries, paying our phone bill and filling up the gas tank. Eventually, we get hired on with a great company, but have gotten used to the “buy now-pay later” life. We continue to charge miscellaneous purchases – even if we could have paid for them outright. One day, it hits us – we have over $8,000 in credit card debt alone! At the rate we’re going, we will still be paying off credit card debt when our not-even-born-yet children are in college.

It is time to get serious about getting out of debt – and...
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