Q: I’m in deep with credit card debt. It feels like I’ll be paying off these bills forever. Is there an end to credit card debt?
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The holidays are in the rearview, but if you’ve gone over budget with your spending, it’s time to deal with the aftermath, which is coming head-on. Here’s how you can get your budget back on track for the new year.
You’ve tracked your spending, designed a budget for your monthly expenses, and you’re well on your way to financial wellness. In this next step, you’ll create a plan for paying down your existing debt.
Debt is the ultimate killjoy. It can destroy a budget, make long-term financial planning impossible, and shadow every purchase you make with guilt. No one wants to live with that debt burden. But how do you kiss your debt goodbye?
Is your debt shrinking? Have you gotten rid of one of your outstanding loans or lines of credit? Well, then it’s time to celebrate!
Update every bit of progress you make on the debt spreadsheet you created earlier this year.
Now that you’re maximizing your payments toward the debt you’ve prioritized, make sure it happens by automating your payments.
Let your debt snowball grow by packing it with all your unexpected windfalls.
Increase your income this month to help you pay down debt.
You’ve organized your debt, you’ve set up an emergency fund and you’re working on spending less. You’re now ready to start getting rid of that debt…for good!