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Kimmyo, I too was in this situation a couple years ago and started reading as much as I could on the subject. There are alot of good books out there. One of my favorite authors on the subject is Mary Hunt " Cheapskate......." I forget the whole title because I read it so long ago but I know the author is Mary Hunt. I also have the Tightwad Gazette Vol.1,2,3. They are very good.
Here are some things I found out:
1. Make NO new purchases by Credit Card!
Credit Card Debt is a habit that you must get
under control or you will always have it.
2. Make purchases only by $$$$$
3. Make yourself a Grid of all the cc and items
you wish to pay off With the Highest interest
items 1st then go down your list with the
lowest.
4. Get a little note book to write down all of these
accounts with their acct #, mailing addresses,
and the phone # Each account should have its
own page so you can keep track of your
payments This way if you wish to make an
extra payment you know where to send it
without waiting for the bill. You will also have
the phone # to verify that they received your
extra payment.
5. The grid come into play because every time you
make a payment make an "X" in the spot next
to this account. That way when you think
you aren't making any headway you can see
that you are.
6. I always started with the Credit Card with the
highest interest rate. You end up paying more
on the CC with the High interest Rate if you
start out paying the one that is low.
7. Once you pay off the item that you have place
that list take what you would of paid to that CC
and put that same amount on your next Bill.
8. ALWAYS pay more than the Min even if it
is only $5.00
When I started looking into this I had CC Debt over $15,000 Dollars I have manage to get it down to at the moment $1600 currently so I know this works. It just takes time. I reevaluated my budget to see if I could come up with extra $$$ to place on my CC. My family and I don't go with out we just plan for our purchases and any emergency that may come up. I hope this helps SORRY if it was more like a book.
Sue
Wife to Bob
Mom to 4
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