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Lesser Debts for a Happier You 

Do you have too much debt? If you do, what steps are you taking to reduce your debt?
Review your credit card and loan statements and do your best to calculate the total amount of combined debt.
Determine the percentage of your pay that is spent on non-housing debt and then determine the percentage again; this time include housing payments.
Speak with your spouse about working toward the goal of being debt free.
Having some debt some debt is typically unavoidable. But the problem is that many people are in over their heads. With mortgages, car payments, and credit cards, many people find themselves drowning in debt.
The average American has over 9 thousand dollars worth of credit card debt, and credit card companies have made it super easy to get there.
How do you know if you're too far in debt? The general rule is if more than 20 percent of your take-home pay goes to pay for non-housing debt, or if your housing payments surpass 30 percent of your monthly take-home pay, you may well be overextended.
If you discover that you are overextended, there are several steps you can follow to eradicate debt and get back on track.
Plan a budget. Step one is to determine where your money goes. You will need to write things down and track your spending for about a month to hatch out what you're spending and where. It may help you to keep your receipts for review.
After that initial month, you will tally your expenses and begin to construct your tangible budget. Take into account the things you will have to pay for and also the areas in which you can cut back.
Once you have settled your budget, you can attack your current debt. You should pay off high-interest rate debt initially. Take an aggressive interesting eliminating high rate debt.
If your credit card is an issue, consider a balance transfer to a lower rate card. Consolidation will save you quite a substantial amount of money over time. You can locate a catalog of low-rate cards at www.cardtrak.com. Your current card companies may have a low rate to offer if you'll only call and make the inquiry. Most credit card companies will lower rates in order to keep customers
If you must borrow, borrow long term. You should try to go into debt for things that will either appreciate or things that will still be around when the debt is gone. Don't use credit cards to give you creeping debt such as long-term unsecured loans.
Reducing expenses to cut your debts takes commitment. Analyzing and keeping track of your spending, controlling your expenses, and devising a plan and a budget, will help you reduce, if not eliminate, your debt.

Article Source: http://www.uberarticles.com/articles

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