Latest Posts
Home > Ask The Get Out of Debt Experts > We Are Making a Large Income but Can’t Get Out of Debt. – Tio

We Are Making a Large Income but Can’t Get Out of Debt. – Tio

I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve

Tio

“Dear Steve,

My husband and I are working professionals with a large income…however, we have some short term loans that will be paid off soon, so money will be freed up. However, credit card debt has climbed to over 30,000 just because of late payments and struggling to make the minimums. We are also delinquent on some. We are such busy people are debt has just gotten away from us and we recently had a 3rd, unexpected child to add to our expense along with huge medical debt….

What is our wisest decision as far as starting to eliminate and liive without worrying about making it month to month as well as preparing for our futures?

Tio”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Tio,

As far as prioritizing where your money goes I think you need to make this as easy and simple as possible. Do the following:

  1. Pay yourself first, put some money, even just $50 in a savings account. Get in the habit. now
  2. Pay all of the minimums on the bills when the bills arrive, not when they are due. Pay them immediately and then you won’t have to juggle them by memory latter.
  3. Use the debt snowball approach to get out of debt. It is simple, easy and works.
  4. Any money leftover is for you to use for food, fun and life.
  5. The balance you need to find is that razor edge between using too much money to get out of debt and not having a life and having a life but no money to get out of debt.

Big Hug!

We Are Making a Large Income but Cant Get Out of Debt.   Tio
Get Out of Debt Guy – Twitter, G+, Facebook

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.