Getting Out of Debt

Debt, in most American homes, is a way of life. The most common way to pay for things is with a credit card. 43% of households spend more than they earn. The average household has $8000 in credit card debt, although many have much more than that. With interest rates rising, that trend may be forced to come to an abrupt halt. The first step in reducing debt is to get spending under control. Do not carry credit cards. Switch to a debit card and leave the credit cards at home, or better yet, cut them up. When you cut them up write a letter to the credit card company requesting that they cancel the card. Send a copy of that letter to the major credit reporting companies. Next start paying off the debts you have. List them either in order of smallest to largest balance or View the rest of this article