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Lose Your Debt Monkey with Credit Counseling

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Lose Your Debt Monkey with Credit Counseling

Student loans. Car payments. Credit card debt. Call it what you want, but that debt monkey sitting on your back isn’t going anywhere unless you take action.

One of the first steps toward taking control of your debt monkey is to figure out where your money goes each month. Make a list of all necessary monthly expenditures first. Add up the cost of things such as your mortgage, insurance costs, gas and grocery bills. Next, start taking note of daily leisure or other unnecessary expenses like trips to the movies, new items of clothing, and even your daily cup of coffee. Compare these expenditures to your monthly income. Expenditures should not exceed how much you bring in each month. If they do, it’s time to start making cuts. Start with your “unnecessary” list. These items are the easiest to eliminate. Next, look at your necessary expenses and see if there are any other ways to cut down on costs, such as perhaps trading in your car for a cheaper model, or editing your grocery list each week and avoiding items such as costly snacks. Although it may seem difficult at first, sticking to a monthly budget is incredibly important if you want to lose debt monkey.

Once you have your budget in place, you’ll need to start putting as much money as you can toward your debt. Focus on your high interest loans first. These will generally be your credit card debts. Be sure to pay them on time and make every effort possible to pay more than the minimum each month. Depending on how high your interest rates are, paying only the minimum could mean that you are only paying interest, leaving you in a vicious cycle with no results.

For more guidance on how to take the steps necessary to get rid of your debt monkey, contact a non-profit credit counseling agency. Through credit counseling, you and your counselor will assess your finances and your situation to come up with the best possible plan to get you back on track financially. Together, you and your counselor will compare your earnings to your expenditures, create a budget and prioritize your debts. Depending on your situation, your credit counselor might also suggest a debt management program. In this case, your credit counselor can negotiate the terms of repayment with your creditors and even consolidate your credit card bills into one manageable monthly payment, rather than trying to juggle multiple payments.

For more: www.advantageccs.org/commercials.html and http://www.advantageccs.org/credit-counseling-service-new-york.html

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