Author: Lindsay VanSomeren / Source: Wise Bread
It’s easy to rack up credit card debt while on summer vacation. After all, finances are probably the last thing on your mind, and you have a handy credit card in your wallet whenever you need something. You can sit back with a margarita in hand without having to look at that credit card statement until next month.
When summer comes to a close, however, it can be quite a shock to see how high your credit card balance has grown. It’s not a fun situation, but with a plan in place, you can get out of credit card debt before the snow starts to fall. Here’s how to do it.
1. Assess your new debt
As tempting as it might be, now’s not the time to hide your head in the sand. In order to create a plan to get out of credit card debt, you first need to know how big of a monster you’re fighting.
Log into your credit card accounts — all of them — and record two things for each of your credit cards:
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How much you owe.
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What the interest rate is.
It’s also a good idea to go back over your credit card statements to make sure everything’s kosher. Look for any double-charged expenses (maybe that waiter at the bar was a little loose with his fingers while keying in your purchase), or any charges you don’t recognize, as this could be a sign that your credit card information has been stolen. (See also: 7 Ways to Avoid Credit Card Fraud While Traveling)
2. Check in with your budget
It’s a good idea to check in with your budget again if it’s been a while. In this case, it also serves another purpose: Finding out how much extra you can afford to pay toward your debt each month.
Go through each line item and ask yourself if there’s any way you can reduce it without sacrificing too much. For example, do you really need to pay for cable if you’re mostly watching Netflix, or can you start bringing leftovers…
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