From last weeks article, I got this. I understand what you are saying on how to use credit cards as a great way to get money for free, but I have not followed the rules and I have credit card debt that is killing me right now, what do I do about that?
So, if you broke the rules and left a balance on your cards that turned into a bloated beast that you are now the slave to, you need to do the following:
Go get some masking tape, your going to need a big roll. You will also need a sharpie and some scissors.
Take your credit card(s) out of your purse/wallet. How many do you have, you will need to cut up all department cards (they are the worst) and any other cards over the one you want to keep. Get it down to one card left.
So now you should have just one card left on the table and hopefully not to many plastic shards. Now take the masking tape and wrap it around your card many, many times. Both length wise and width wise. Secure it in the tape very well. You will understand this in a bit. Once you think you are done wrapping it in tape, do it again, about the same amount, going the other way.
Okay, now take out the sharpie and write this on the masking tape that is covering your card:
I am not your SLAVE. You are bad and have been imprisoned, the term of the sentence is until you are credit card debt free.
The reason you need to do this is for a couple of reasons, to show yourself that you are mentally in charge now and you do need to keep the card for emergencies and NO, going out to dinner is not an emergency. A real emergency is where your health or safety are at risk, not your silly impulsive needs. My dad always taught me that I should have a one hundred dollar bill in my wallet tucked behind my driver's licence for emergencies. I actually had a cop ask me when I was seventeen, if the bill was intended to be a bribe for him when I was asked to give him my license. My answer to him today would be a lot different than, umm, no, my daddy said I should have this for an emergency. You can sub in any smart alec response you would use at that moment.
Now go get all the latest credit card bills and write the balances on the back of the credit card, something like this:
\VISA - $1,500
The Bay - $750 and so on.
This goes on the opposite side of the card where you wrote I am not your SLAVE. Do not take that tape off until you have turned this credit card relationship around to where you are the master.
Next step, and it all depends on how bad you are under the control of the credit card and how bad the card is. You can look at getting a bank loan, family loan, sell something, get a second job, spend less, marry rich and so on. If you get a loan, you cannot, I repeat take the tape off the cards, until you have paid back the loan in full. You cannot transfer the problem from one place to another.
I hope this helps. If you have specific comments or questions, comment below and I will do my best to answer.