Credit Basics
Step-By-Step Plan To Getting Out Of Debt
Friday, February 06, 2009
CBS MarketWatch
In fact, the average American household has about $9,000 of credit card debt.
The Howard Dvorkin of Consolidated Credit Counseling recommends the following steps to get out of credit card debt.
Step 1: Use cash whenever possible. Avoid using credit cards.
Step 2: Find out how much you owe, by adding up all your debt.
Step 3: Pay off the debt with the highest interest rates first.
Step 4: Create a day-to-day budget you can survive off of.
Dvorkin says it's important to be patient while trying to get out of debt.
