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How do I eliminate my credit card debt and start to come out ahead every month, how do I create and stick to a budget?
July 29, 2010
3:22 am
Jon Emge
Jon Emge
Moderator
Forum Posts: 1018
Member Since:
January 14, 2010
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Sarah, 

The first way out of credit card debt is to stop using the cards, and then look at trying to pay more each month towards the accounts to pay them off.

You can begin by setting up a spending plan and tracking all of your spending each month month on a daily basis.  Keep a log or record of each and every penny you spend for a few months to see exactly where your money is going.

This may give you some insight into areas you may be able to make some changes and free up a few extra bucks to send to the accounts to begin an accelerated payment plan.

If by tracking your spending it shows you do not have any extra funds each month or no way to trim anything, then it is a sign you may need to look at other options with the debts or increase household income.

Regards, 

Jon

July 26, 2010
11:09 pm
Guest

I just turned 35 and have always been just ok with money in the last couple of years I have struggled to make it always living paycheck to paycheck, I made a move went back did some more education and now have my own business.

I'm almost at the year mark but my debt ratio in the last 3 months has become unreal I have aprox. 1200 in cc debit and 14,000 to pay on car.

And about 5000 in in personal loans from friends and family (wout interest) however, those stress me out the most.

I would like to catch up and get $ invested and savings, in general struggle.

How do I eliminate my credit card debt and start to come out ahead every month, how do I create and stick to a budget (prob. My biggest problem)

Sarah

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