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Credit cards can be a great help to help families to get those little extras when used properly. But when used excessively, they can lead to financial ruin. Most of these extreme credit problems are caused by an external event like the loss of a job or severe illness. But unfortunately, credit card companies don’t seem to care. If you are having severe debt problems, there are steps you can take to improve your situation. The first step in solving your problem is to examine your expenses. Look at every expense with a fine toothed comb. Only keep expenses that are absolutely necessary. Examples of necessary expenses are: Mortgage or rent Utilities (heat, water, electricity) Telephone Food Doctors and medication Transportation expenses Debt maintenance charges Court imposed expenses The second part of this equation is to eliminate all expenses that are not absolutely necessary. Examples of unnecessary expenses are: Television (cable or satellite) Shopping trips of any kind Restaurant food Entertainment expenses Of course, these lists are not all inclusive, but you get the idea. Another area where you can make substantial cuts is at the grocery store. Buy generic and store brands instead of the more expensive name brands. Eliminate soda from your food budget, drink tap water instead. Use coupons and shop at stores that pay double or triple on them. Always shop with a written shopping list and stick to it religiously. If an item is not on your list, do not put it into your cart. Using the techniques above can easily shave 20 or even 30 percent off you monthly budget. Apply the money you saved to paying extra on your credit cards. If you only pay the minimum, it could take you 15 to 20 years to pay them off. By paying extra each month, you can pay them off in just a few years. Check out my newest ebook for the details on how to slash expenses and put money in your pocket to reduce debt! Slash Expenses!
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