If you live with consumer Debt, you are not alone. According to U.S. Federal Reserve data U.S. households have on average $15,863 in credit card debt and $33,090 in student loans. The upside to the personal debt crisis is that there are tried and true methods for getting rid of it. Here is a step-by-step guide to getting out of debt, once and for all:
1) Get real and collect statements for each and every one of your debts.
2) Get your free Credit.com credit report to double-check the accuracy of your debts, including notes of missed payments and credit limits.
3) Create a list of all your debt, including interest rates, monthly minimum payments and any deadlines.
4) Create a monthly budget, and figure out how much you can afford to pay towards your debt.
5) Research lower rates. Depending on your credit score, you may qualify for credit cards with lower rates.
6) Call the holder of any outstanding medical bills and negotiate.
7) If you’re totally overwhelmed with this process, or truly believe that you cannot dig out of debt on your current income, get professional advice.
More tips here.