I was not able to share all the points because of a meeting with the client. So here are the rest of points related with the expenses which you can avoid in case of credit card debt:
- Avoid gym membership: Yes, I can accept the fact that doing exercise in gym is important as well as good for your health but there are other ways too keep your body fit and healthy. You can go for run in a park instead of running on treadmill. It is not necessary to go for weight lifting machines or any other machines to have resistance in your body. You can do push ups, pull ups and other physical exercises for the purpose.
- Avoid designer clothes: Obviously, if you are going through credit card debt then you have to live on clothes without labels of any brands. Designer clothes come under luxuries items and are too expensive and being a person in debt you cannot afford a single luxurious item.
- Avoid unnecessary shopping: For most of the people, shopping is not an activity to buy things but it is an activity to refresh mood and a form of entertainment. So if you want to get out of debt change this habit. Don’t buy anything which you genuinely not require.
- Avoid late fees: Paying your bills on time will help you in two ways. First it will save you from penalties and secondly it will increase your credit score. You can borrow money at a much lower interest rate with increased credit score. So always remember to pay your bills on time.
- Avoid high interest rates: You are wasting your money if you have credit card with high interest rates. If you have any credit card with high interest rate then transfer the balance from that card to those which have lower annual percentage rate.
These are few points following on which can get you out of debt quickly and can balance your finance smoothly.