7 Steps to get our of Debt

Recognize there is a problem and commit to solving it.
Warning signs: You spend more than you earn each month. You skip payments on some bills in order to pay others. You make the minimum payments on your credit cards. You’re maxed out on your credit card limits. You’re receiving late payment notices. If you think you have too much debt, you probably do.
By itself debt is not necessarily a problem. For instance, some people enjoy a tax advantage with their home mortgage interest write-off. However, if you’re not reducing debt faster than you’re accumulating it, then you need a new strategy. Banks evaluate your creditworthiness based on your total debt-to-income ratio. It’s best to be under 30%. A ratio up to 36% is acceptable, while 40% is a red flag.
If you are married, make sure you both commit to your debt-free goal, or you may have trouble achieving success.
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