You need a plan to break out of the debt trap!!
1. Get serious. Decide righ now that you are going to do whatever it takes to get out of debt and stay out forever. Make a commitment. Write it down and date it. Refer to it often. Put it in a place where you can see it everyday.
2. Start saving. You can not spend it all. Even if you are deeply in debt, you still must save something. Start with $5, stick it in a jar and add to it every week. Save all your change.
3. Start tracking your money. It is not that you don't have enough money, you don't know how to manage what you have. Get a small notebook and wite down every penny you spend.
4. Know what you owe. Make a list of all your debts. Write down the current balance, the current payment and the interest rates.
5. Design a plan to pay off your debts. Some pay off the smallest debt first, then add that payment to the next debt. Others pay off the highest interest rate first. Choose your plan and start on it immediately.
6. Have a sale. Declutter your life with a huge garage sale and apply that cash to your debt.
7. No more new debt. Make a commitment that from this day forward, you will incur no more new debt. Put your cards away and do not carry them with you.
8. Persevere. You are starting on a new journey in life. Some days will seem much harder than others, but just know that you can do it!! We are all here at savingadvice.com to encourage you on this new journey!!!