Gaining and losing weight are a lot like amassing credit card debt and paying it off. It’s really easy to gain weight and very hard to lose it. It’s really, really easy to get into credit card debt, but it’s so hard to get out it. There’s no overnight solution or miracle cure for either – weight or debt. But it can be done with patience, determination and taking one small step at a time.
Most people can only guess how much they owe in credit card debt. It’s time to pull out ALL your credit card statements, sit down and make a list of your credit card debt. Include the account name and number, current balance, interest rate and minimum payment. Fortunately, the Federal Reserve Board mandated changes to credit card statements a few years ago. Credit card statements make it easier to find when payments are due, amount owed, consequences of making a late payment and how much you are paying in fees and interest. Another great feature is the how much it will cost you to make only the minimum monthly payment. It shows you how long it will take to pay off your balance if you make only the monthly payment and the amount of interest. It’s on the front page of your statement so it’s hard to miss. It’s an eye opener and an excellent tool to create a debt reduction plan.