After you have collected the information about your debts, you should take a look at your monthly budget. Write down your monthly income after taxes and subtract your rent/mortgage payment from this amount and other monthly expenses such as childcare, student loan payments, insurance, utilities, and groceries. Once you have subtracted all of your expenses, calculate how much you have left to pay off your debts. If this amount is too small, look for ways to reduce your spending. Consider turning off your cable subscription or carpooling as ways to cut back temporarily. The more you can pay towards your debts each month, the sooner you will be debt free.
Ten years ago, comedian Dan Nainan was hiding his car from the repo man. Today he has a great credit score. Here’s how he bounced back….I Used to Dodge Debt Collectors & Now I Have a Great Credit Score
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