Get hold of your credit card debt
September 24, 2008 | alternatives, industry, personal finance | Comments (0)The average American has $9,300 in credit card debt. Pay it down! Here are some good tips:
1. Asses your debt. If more than 20 percent of your take home pay goes to finance non-housing debt or if your rent or mortgage payments exceed 30 percent of your monthly take home pay, you may be over extended.
2. Begin with a budget. Track your expenses for one month by writing down what you spend. Then, break that down into essential and non-essential spending to see where you can reduce expenses.
3. Pay off high rate debt first. Begin with the highest interest rate credit cards and eliminate the balance as aggressively as possible.
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