You probably didnt get into debt overnight, and short of winning the lottery or receiving a large inheritance, chances are you arent going to get out of debt overnight, either! With discipline and consistency, over time you can pay off your debt and be on the road to an improved and more manageable financial situation.
Assess the Situation
While you may have gone blindly down the path to excessive debt, you dont want to attempt to get out of debt in the same manner. Developing a plan of attack will prove more productive and successful than simply saying you want to pay off your debt. Its important to be extremely self disciplined and determined in your quest for a debt free existence.
Start by gathering your most recent statements from each of your creditors. Make a list of each account on a piece of paper, starting with your lowest balance and ending with the account you owe the most on (like a pyramid, you start with the smallest and build to the largest).
Your list should include the creditors name, the total amount owed, and the minimum monthly payment. On another sheet of paper, make a list of monthly living expenses that must be paid- rent or...
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