Getting out of debt

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 3/27/2003 1:09 pm
The first step to reducing any debt is to stop adding to it. Begin by decreasing the amount of money spent each month and increasing payments to creditors. You may need to design a new monthly budget that will allow you to save money and make larger payments to credit cards, loans, or mortgages. When creating a budget, it is a good idea to keep a record of all expenses made during one week, including everything from pocket change to rent money. After one week, you can decide what changes can be made that will allow you to spend less. Some ideas include taking your lunch to work or turning down the thermostat a few degrees. You may be able to save a great deal by reducing small, out of pocket, expenses. Make a commitment to yourself to set goals and a realistic time frame to get out of debt. If you need help, there are many nonprofit organizations such as the Consumer Credit Counseling Service. This service can help you work out a budget and debt repayment plan. In addition, they can often help negotiate with creditors to lower your interest and payment rates. It's important to reform spending habits permanently, so that once you are out of debt, you can remain debt-free. For more information, contact a personal finance professional in your area.

©2006 Crossroads Mobile. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Featured Segments/Shows

All content © Copyright 2015 Intermountain West Communications, LLC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.