Credit Card Bill Racked Up Quick? What to Do Next
Canfield Wells are quality Henrico bankruptcy attorneys. We can help you recover from the consequences of not having enough money. There are some important things to do if you are struggling with credit card bills. This blog discusses some of them.
You want to get your debt in one place so that you can tackle it easier. Write down all of your creditors and see what you owe them. Get the total listed in an Excel spreadsheet. Make sure that you make the goal to be attacking that big number. Having all of your debts written down prevents a nasty surprise in the future. Financial expert Dave Ramsey recommends paying off little debts first for motivation.
Keep Income Flowing
You want to keep your income coming in. If you do not have a job, your job should be seeking a job. A good way to seek a job is to network with friends who are employed. If you have a job, prioritize using your leftover income to pay down debt. If you do not seem to have enough left over each month, try to figure out why. Often, the reason your income is not enough is that unnecessary expenses are part of the picture. Eliminate unnecessary expenses.
Get Rid of Excess Lines of Credit
Dave Ramsey famously advocates destroying your credit cards. Although that might sound extreme, it is good to consider closing lines of credit that are just dragging you down. Having more than one credit card can become a financial nightmare if you have big totals on all of them.
Have a Budget
A budget is a secret to wise financial planning. Determine how much you are spending each month. Use that in an Excel spreadsheet to come up with an expense column. Use this to track your money.
Canfield Wells are professional Henrico bankruptcy attorneys who want to serve you. Contact us today at 804-673-6600.