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Deciding How Much You Can Pay


Once you have listed everyone you owe, determine how much you can pay each creditor and how long it will take to pay back each debt.
Generally, it is good to limit the amount of credit you owe (excluding your home mortgage) to no more than 10 percent of your monthly take-home pay.
If your family has […]

Organizing A Payment Schedule


Writing down your plan will help you to achieve it. Use notebook paper and allow enough space to include the number of months to fulfill your plan. With each creditor, list the payment which is planned, the amount paid and the new balance due after the payment is made.
Do this with each creditor for each […]

Finding Out To Whom You Owe


The first step in getting out of debt is to find out to whom you owe and how much you owe. Using your credit statements as a reference, list the following information about each debt.

Managing Your Debt Obligations


If you find yourself with more bills than your monthly income can cover, one alternative is to develop a debt-management plan. Completing this plan takes patience, but it works if you really want to get out of debt.
To set up a debt-management plan, follow these steps:

Find out how much you owe and to whom.
Decide how […]

A Plan for Becoming Debt Free – Part V


No New Debts!
You must decide once and for all not to take on new debt and not to become a slave to your old habits. This is very important! You must decide not to borrow new money for any reason or purchase additional merchandise on credit. This would be an excellent time to […]