Tuesday, July 5, 2016

How a Mom of 4 Paid off $25K in Credit Card Debt

Hey Everyone! I've decided to share a bit more of my story publicly in hopes that I can inspire and equip other moms and families like ours to get out of debt and have more choices. 

It seems like yesterday we had credit card debt out of our eye balls. We used those cards to pay for necessities like milk, diapers, gas to get to work. We we're sinking fast and seriously had no clue how we we're going to ever become afloat again. 

Our minimum on credit cards each month was over $500.00s and we we're living often in the negative in our bank account. I truly didn't want the rest of our lives to be fighting off this debt and struggling to survive. 

How We Paid Off The Debt
If your in a similar position I 100% understand the feelings of despair and frustration, but know.. it doesn't have to be this way forever. Here's what I did to get out of the spiral we we're in.
  1. Know what you owe. This can be an overwhelming feat in itself. Grab every credit card bill that has come into your possession;/ in the past 30 days. Make a list of the creditor, account number, interest rate on each card and the current balance from greatest to least amount.
  2. At this point I found what cards had the least interest rate, if there we're room on those cards I transferred higher balanced cards amounts over to those of lesser. 
  3. Once I knew what we owed I cried. Then I picked myself up and am a person who knows if there is a will to get something done, there IS A WAY. Set your mind to paying it off. 
  4. I then sold as much as I could of value. Both my husband, kids and I made sacrifices in this area but looking back it was absolutely worth it. {Sell your items on ebay, craigslist, garage sale or facebook for sale pages.} Apply ALL of your debt to those credit cards. 
  5. Pick up extra work. My life before having kids consisted of working in a salon and doing hair. Once I became a mom I didn't want to put my babies in daycare. My family and friends we're so good to us and I continued to do haircuts etc from my home allowing me to help provide a small secondary income. If you don't have a trade you can babysit, clean homes, craft etc.
  6. Start a business. This ties into #5 and I never dreamed it would become what it has. When I was searching years ago for a way to pay off our debt I started looking for work at home gigs. There are a ton of scams out there so be cautious as your searching. But I found one that has blessed us beyond measure through the years and helped pay for our rent (and now mortgage) each month so we could put that money towards our debt. 
  7. Cash. I started getting cash each week from the bank and using Dave Ramsey's envelope system. It's a challenge to get the swing of it at first but it does train your mind to use your money in a different way.
  8. As we started paying off our credit cards I would cancel those that had a zero balance along the way. Our credit score changed drastically by getting rid of that debt and outstanding balances. 
If your questioning if it would be possible to Successfully Work from Home with Kids you can check out what's helped me by reading more HERE.
http://4mykiddos.blogspot.com/2016/06/how-to-successfully-work-from-home-with.html

I encourage you to make a way for your family to get out of debt. Once your free from living under that financial burden you are able to make more choices for your family and have so much more peace.
Proverbs 22:7 says this... 
The rich rules over the poor, and the borrower is the slave of the lender. 


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