Credit card debt have you drowning financially? You’re not alone. The average American household carries $9,205 in credit card debt, according to CardWeb, an online industry tracker. Not managed properly, this debt can come to eat up all of your disposable income leaving little or nothing for bare necessities. Some people in this situation respond by charging more but that will only get you further in trouble.
Fail to plan and you plan to fail
There is this clich that states that if you fail to plan you plan to fail. The first thing you need to do is evaluate where you want to be. Do you want freedom from your credit card burden? If so, you need to develop a different action plan to the one you are currently following. Makes sense doesn’t it?
Start by listing all of the debt you currently owe along with a list of what your monthly obligations are for each debt. At the top of the page, list the amount of income available to pay these debts after essentials like food, hydro, etc… are taken out. When listing essentials, it’s important to include a certain amount for clothes, medical and entertainment because no matter how good your...
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