|FIVE STEPS TO GET OUT OF DEBT|
|Posted on: May. 03, 2017 in Uncategorized|
Do you have debt? The 2016 Consumer Financial Literacy Survey by the National Foundation for Credit Counseling (NFCC) says you’re not alone, as 33% of American households carry credit card debt. Small amounts of consumer debt don’t necessarily hurt your credit score, so long as you’re making all payments on time. However, if you’re only making minimum payments and you continue to use your cards, there is a good chance that small balance will become a big one. Also, one big expense can likely send you over the edge.
Here are some tips eliminating debt once and for all.
You don’t need to do these steps in order. In fact, most of them can be done at the same time. But by reducing your spending and make a plan for saving (so you don’t need to resort to your cards in the future), you can focus your time and money to digging out of the hole. Once you do, you’ll have a habit that will help you avoid falling into the debt trap again!
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