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Reducing Credit Card Debt
Decide what you want to do with your money; reducing credit card debt is the first step
Write down your goals and keep them in a place where you will be reminded of them often. Reducing credit card debt means ranking your goals in order of priority and setting timelines. Consider basic needs first and items you would like to have only when you can afford them. If you are married, talk with your spouse to assure that you are working toward a common goal of reducing credit card debt.
Reducing credit card debt is the first step; Find out where you are now
When you're on the path to reducing credit card debt, it's a good idea to figure “take home” income on a four-week basis; that way, the few “extra” paychecks a year can provide money for cushion and savings. Gather all of your statements and find out who you owe, what you owe, and interest rate you are paying. If you are unsure where to get this information, pulling a credit report may help. You can get a copy of your report by visiting www.moneymanagement.org.
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