Many ordinary people struggle with their debt. Currently, the Federal Reserve Bank reports that total outstanding debt for U.S. households totals more than $3.7 trillion. If you spend years trying to pay down your debt, you may eventually feel powerless and without hope. Proper debt planning can alleviate these concerns and put you on track to become debt free, however. A good first step for tackling your debt is to put together a household budget. Then, go through that budget line by line to identify unnecessary expenses. Be sure to look at your credit card statements too. After analyzing expenses, take a look at your debt balances and select a target debt. This debt will be the one you target for payoff first.
Read the full article here:
How to Plan Your Great Escape From Debt