Blog: Life Management
GET OUT OF DEBT
Perhaps you've been thinking, "I never even asked for these credit cards and now look what's happened." If you've been using them for whatever suits your fancy you're probably left with some pretty fancy finance charges these days because you're only able to pay the minimum amount due. Don't despair!
There is a way out of this mess if, first of all, you admit that you are in trouble and stop using the credit. Maybe you need to use plastic surgery, which is to cut up all your cards and cancel all credit lines.
Next, you need a plan for getting out of the hole. Begin by figuring out what it will take to repay some smaller bills in six months, and attack those first-just don't neglect the larger ones while doing so. You may be thinking, but where will the cash come from? Now it's time to brainstorm.
Do you have untapped earning power in your household such as moonlighting opportunities or a spouse who can go back to work? If these are not options for you then you may have to drastically cut expenditures.
Do you even know where all your money is going? For a month write down every cent you spend and being to really grill yourself when you're tempted to spend: Do I really need it? What's the worst thing that will happen if I don't buy it? Will something less expensive suffice?
Don't overlook saving in the fixed expense area: turn down the thermostat, write an email or text rather than call using cell minutes, raise your insurance deductible. Then, once your goals are in place put them in writing to keep yourself honest and focused.
posted on: 10/18/2011 12:00:00 PM by Judy Warmington
category: The Mental Side
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