Tuesday, November 03, 2009

Dealing With Debt

In spite of the many options available for paying off debt, taking the first steps to a debt-free life can be a challenge in itself. Here are some first steps to consider:

• Sit down and evaluate your budget to identify expenses you can trim in order to put more money towards repaying your debt.

• If there’s equity in your home, consider refinancing your mortgage
to pay off your debt.

• Make sure you understand the pros and cons of debt consolidation before committing yourself to this option.

• If you’re beyond any of the above steps, seek the help of an attorney for bankruptcy consideration, and/or a local not-for-profit for credit counseling.

• Once you pay off your debts, be sure to live within your means and use credit cards sparingly to avoid a similar situation in the future.

Visit www.FeedthePig.org for more money-saving tips!

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