How Can A Mom Pay Off Credit Card Debt With Credit Card Debt?

By Author: Pablo Terreros
Total Articles: 24
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My, how babies are expensive. Veteran moms know full well that children require a MAJOR investment of time and money. If this is your first child, you probably feel a bit overwhelmed with everything.

Babies need to be fed, diapers need to be changed, doctor check-ups are a MUST, and all of this can tax your cash reserves.

Many times, you are left with no choice but to swipe that credit card and hope to get it paid off later. Not a bad plan under the circumstances. However, as time goes on, that debt can become more and more taxing.

Every mother is okay with having to do with less money for a time when taking care of their children. In fact, you'd spend the rest of your life broke if that's what it took to make sure they had what they needed.

But let's be honest. If you could get rid of that debt, wouldn't you have a lot less stress? Wouldn't you also be able to have a more enjoyable home life?

If you ask most women how to pay off credit card debt, they will tell you to simply be frugal and pay it off. If you can't pay off your credit card debt that way, they will tell you to consider ...
... credit card counseling or debt settlement or something similar.

Are there other options? YES.

Why don't you pay off your credit card debt by getting into more credit card debt?

WHAT? How on earth could I suggest that? Okay, so you don't simply run up more bills. Allow me to explain.

First, to pay off your credit card debt in a reasonable amount of time, you need to either reduce your expenses OR increase your income. You then take that extra money and put it toward the credit cards.

For most moms, increasing income is the method of choice. However, unless you plan to completely abandon your child to day care workers, living at work to collect the overtime is really not a great option. The only way to increase your income AND not lose time at home with your children is a stay at home mom's business opportunity.

Do you have money to do that? I didn't think so. True, it's probably a case of not WANTING to spend the money as compared to really not HAVING the money, but I understand. Here's where the idea of paying off your credit cards with more credit card debt shows up. Let me tell you my personal story.

When I started the business I currently own, I didn't have the money. Okay, I did, but as you probably feel right now, I did not want to part with it. The cool thing is I didn't need to use any of MY money to start my business. Therefore, I used other people's money.

It cost me a little over $300 to get my business off the ground. Rather than taking money from my bank account, I got the money from the bank by using a credit card. That's TAX FREE MONEY. Had I used my income, I would have to first earn $600 at work. This is because I would lose half of it to taxes, leaving me with $300 to start my business.

Now, here's what's really cool. Because I now own a home based business, the government allows me to take advantage of a ton of tax deductions that I cannot take advantage of by simply having a job. Tons of things I ALREADY DO are now legitimate business expenses. The result? My tax burden goes down by $300-$500 every month.

I know what you're thinking. You're thinking I have to wait until the end of the year to see that money right? WRONG. I simply changed my withholdings with my employer. I chose to claim only SOME of my deductions in order to be conservative. The result? My take home pay at work went UP by $200 per month.

That's $200 from the government for running my business even if I never sell a single product.

I just got the latest statement from the credit card I used to start the business. The bill was $17.

So, here's what happened. I borrowed $300 from my credit card to start my business. The federal government, for all practical purposes, makes the payment and I have $183 left over each and every month to do whatever I want.

That's $187 that YOU could be placing toward your credit cards RIGHT NOW. Of course, as you grow your business, you would have even more money to pay off your credit card debt.

Of course, I'm sure it goes without saying; consult with your tax professional to ensure you are taking the proper deductions and are filling out the paper work properly at work.

A better, debt free life is out there for you and your children. Think outside of the box a bit, and you can experience it a lot faster than you've ever dreamed.