HOW TO GET OUT OF DEBT

8 tips about getting out of debt

Increase Income – Reduce Expenses

Stop Charging your cards; cut off your cards but keep one.

Call each of your credit card issuers and request a lower interest rate.

Calculate your total debt Figure out who and how much you

owe

Organize Your Debts figure out which accounts you should

pay, in what order you should pay them, and how much you need to pay to eliminate your debt. If you have an account with a very low balance go ahead and start with that one. Paying off an account could be extremely gratifying and motivating.

What’s Your Discretionary Income?

Figure out the amount you have for spending after all your financial obligations have been met.

Record Your Speding Each day for at least one month,

write down every cent you spend, no matter how small.

Pay your bills Make the minimum payment on all

but one credit card. On that card, pay the minimum plus the rest of the money in your debt payments budget. Every month, pay as much as you can possibly afford on that one card

Consolidate Your Debt Instead of making multiple payments

each month, debt consolidation allows you to make only one payment a month while slowly paying off your entire debt.

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