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Debt Management

Credit Counseling

Budgeting 101:

Your Money Guide For Getting Through School

Part Two: Budgeting

Step 2 - Fixed Expenses

Expenses are separated into three categories: "fixed", "flexible", and "discretionary". Credit card debt is considered a fixed expense because it usually remains the same each month: Please use the following form to add your monthly credit card debt.

Credit Card Debt Worksheet

Use this form to track your credit card debt. List all major credit cards, department store credit cards, gas credit cards and dining cards. When you are finished, total up the amount and transfer it to the appropriate column on the fixed expense worksheet.

Creditor's
Name 		Creditor
Balance 		Monthly
Payment
1)    
2)    
3)    
4)    
5)    
6)    
7)    
8)    
Total    

Tips:

Smart Spending Techniques, Practices and Recommendations

  • Stop use of all credit cards
  • Close credit card accounts by returning charge cards to issuers along with a letter terminating charging privileges
  • Put all extra income towards paying off debts
  • Do not take on new debts - including a "consolidation loan"


 


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