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Resolve to not take on any more debt!
Your main goal must be to get out of debt.
Do this by setting short-term goals. For example:
I will eliminate all of my credit card debt within X years.
My credit cards will not be used again until the balance is paid off.
Once the balance has been paid in full, cards will only be used if they can be paid in full at the end of the month.
I will make the largest payment I can afford each month, not the minimum.
Create a budget or spending plan:
1. Find out how much debt you owe. Write down in one place how much you owe and to whom.
2. Write down your monthly income.
3. Make the best estimates you can of your necessary expenses.
4. The difference between what you make and what you absolutely have to spend is what you have available to pay your bills.
A helpful worksheet for a more detailed budget can be found at www.cccsatl.org.
Credit card control:
Remember, that using credit cards carelessly contributes to debt in the first place. Think about your budget.
Don't tempt yourself by carrying your credit cards with you.
Pay with cash or write a check if possible. You will be less likely to spend when you see the immediate payout.
Set your own credit limit and stick to it.
Find ways to save money:
101 Ways to Save - this site provides an extensive list on ways to save.
Remember to be patient. You didn't get into debt overnight, so remember it will take time to get back in the red.
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