One of the most difficult aspects of getting out of debt is to stop digging the hole.
It’s a nice thought that you are going to put so much toward your credit cards each month, but it doesn’t matter how much you are paying down on one card if you are racking up debt on another card.
Even worse is when you get a balance transfer and then start building a new balance on your recently freed-up card. It kind of defeats the purpose really and puts you in a dangerous place if you got a low-interest transfer and the introductory period is ending.
If you are really serious about getting out of debt, you need to stop digging in the hole.
Stop Debt Spending
The first thing that you need to do if you want to be successful at getting out of debt is to stop your debt spending.
Take an honest look at your finances. Have you been spending beyond your means? Even if you only exceed your income by $10 a month, that’s an issue. Yes, even $10, in this case, is putting you in debt and odds are that debt is accruing interest putting you deeper in debt. You need to first identify where you are living beyond your means — and stop that spending.
Start out by listing all of your expenditures.