Tackling Your Debt 

If you find that you are becoming overwhelmed by your debt, now is the time to take control. The first step is to track your spending. Knowing where your money is going will give you a head start on controlling your expenses. Try recording every last penny you spend for month. You will get a clearer picture of your current spending status.

You will need to set up a budget. By tracking your expenses, you will now know where your money goes. You can then see better which expenses are easy to eliminate without too much pain. Writing down your budget, posting it where you can see it often, and using it to track future expenses can go a long way towards getting your finances under control.

Your next step will be to develop a debt elimination plan. While it may seem overwhelming at first, coming up with a plan will allow you to see which way you should proceed. Paying off your highest interest debt first is one approach to take. You can also consider eliminating the greatest monthly draw on your available funds. Either way, carefully analyze the costs and benefits of each approach.

If you feel that you cannot eliminate your debt without some help, consider getting credit counseling. This assistance is often low-cost or even free and will give you specific strategies for eliminating your debt. They offer help with budgeting, contacting your creditors, and interest rate reductions. They can also help you avoid bankruptcy by developing a plan to tackle that debt.


Tom Kile and Darrell Nipp are your Amarillo real estate experts!
Tom Kile & Darrell Nipp
3440 Bell, Suite 100
Amarillo, TX 79109
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