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10 Steps to Paying Off Credit Card Debt

By , About.com Guide

9 of 10

Get a Part Time Job or Work from Home
Another family member of mine decided she wanted to be out of debt. She determined that within one year, she was going to have paid off everything in her life, down to the brand new car she had purchased recently. She got a job as a waitress on top of her day job, saving every penny after taxes and using it to pay down the balances on her accounts. She temporarily put all investing on hold, including retirement contributions, to achieve her goal.

What she’s accomplished in short order has been breathtaking. With six months to go, it looks like she is going to easily meet her goal. By introducing more money into the equation, she was able to combine cost savings from her regular job (she got rid of her cell phone, cable, and more) to have double the effect. When this self-imposed financial diet is complete, her monthly income will go up by several thousand dollars without a single additional hour of work. In effect, she gave herself a pay raise. Despite raising her children and working two jobs, she also recently enrolled in college to go back and get her degree.

The point is a powerful one. There is nothing you cannot accomplish if you focus and are willing to accept the sacrifice necessary to achieve it. In her case, that’s going to be a year of non-stop work to give herself a fresh balance sheet and better job opportunities. Years from now, I am willing to bet that she’ll look back and realize that this twelve month period was what allowed her to go after her larger goals and dreams, which include launching her own business.

As the old saying goes, until the pain of staying the same exceeds the pain of change, you’re unlikely to move. I hope it doesn’t take that for you to become empowered and free yourself from financial bondage.

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