Credit cards are fun until they aren’t. One minute they’re a convenient means of paying for something you can’t afford upfront, the next, it’s a financial burden you live with every month. If you let things get too out of hand, it starts to ruin your credit and alter your everyday life. That’s where I found myself a few years ago. I was up to my eyeballs in credit card debt and no way out.
Like many people I know, I started with a few credit cards when I was young. Without any prior knowledge (other than to make sure I make payments), I started charging everything from clothes and shoes to entertainment and trips. Before you know it, I maxed out my credit card. Even though I was paying the minimum $30 payment, it wasn’t doing much to reduce what I owed. Before you know it, the creditors started calling non-stop. Realizing that something had to give, I turned to debt consolidation for relief.
Debt Consolidation Saved My Life
A company named Brice Capital came to the rescue. They were a financial agency that offered low-interest-rate consolidation loans to individuals struggling with credit card debt. The concept was to lump all my credit card balances into one loan with a more affordable monthly rate. I was able to get approved for a $10,000 loan which covered all my accounts. I had a low payment which was scheduled on a day that coincided with my paychecks. As long as I could stick to the plan and pay the balance in full, I’d be on my way to financial stability.
Paying Off The Balance
Although I had a debt consolidation loan with Brice Capital, I wanted to find ways to pay the balance off faster. Now that more of my money was going towards the principal balance, the credit card nightmare would be behind me if I could pay more. So, I started looking for every opportunity to apply more to the loan. Here are some methods I used.
Bye-Bye Unnecessary Spending
Unnecessary spending is what got me into this mess in the first place. So, I decided to trim my budget and avoid spending money on things I didn’t need. I cut out coffee shops, started preparing meals at home, and found free and affordable ways to enjoy myself on my days off from work.
I wasn’t necessarily in a position to take on a part-time job or side gig, but I did find ways to use extra cash to pay down my loan faster. For holidays and other celebrations where gifts were common, I asked everyone for cash. I took this money and simply added it to the loan payment from Brice Capital. Another way I knocked down the balance faster was to use my income tax refunds towards the balance.
Investing In My Future
It only took about two and a half years to get that debt consolidation loan from Brice Capital paid off, and I was suddenly debt-free. Realizing that I didn’t want to make the same mistake again, I decided to do something different. I took the money I would have applied to the loan and started investing. I brought a few stocks from my favorite companies and even invested in the popular virtual currency bitcoin. I’ve set up a plan to invest a bit of this money each month into something that will help me obtain long-term wealth.
Everyone has made mistakes in their past with finances. This is especially true when it comes to credit cards. It seems so fun at the moment to be able to charge anything you want to a card and pay it back later. Unfortunately, it ends up coming back to bite you in the butt if you’re not careful. On the bright side, companies like Brice Capital can help you regain control of your finances so that you can have a clean slate to invest in a brighter future.