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Credit Card Debt - Just Say No
By Erol
The children have been invited to a birthday party, and the budget does not include presents in the middle of summer; Easter is coming, and a new dress is customary for this particular Sunday; shopping for necessities at the local discount store, the cart soon has 10 items not included on the list; and a friend wants to go out for dinner.

To cover the unexpected expenses, the is presented to the cashier, and the patron will worry about the bill tomorrow. Unfortunately, tomorrow will quickly grow into next month or next year, as the high interest rates, coupled with the minimum payments, keep the balance from decreasing. In fact, next month more unexpected expenses occur, digging a deeper financial hole. In order to avoid debt, create a workable budget, learn to conserve, and just say "NO!"

For the average individual struggling with debt, the problem begins simply because he/she has not created a realistic budget. First, sit down and make a list of the unavoidable expenses. For example: the rent, or house payment, utilities, and automobile insurance. Now, figure in the regular expenses over which an individual can adjust to fit the budget. For instance, groceries are a flexible expense. Then, and only then, add the expenses like eating out, recreation, going to the movies, etc. Now comes the hard part-comparing the expenses to the income.

To avoid the temptation to enter the world of debt, an individual must look at the budget and make realistic changes to fit within the net income. (Only determine the budget based upon actual take home pay, and not the gross amount paid before deductions.) The order in calculating the budget is important, as is the order to making the necessary changes.

So, begin reducing expenses starting from the bottom of the list. For example, movies and recreation are great but not essential. If the budget is too tight, reduction or elimination of these expenses is entirely possible. The alternative will likely become depressing, frustrating, and risky debt.

An individual has eliminated movies and other unnecessary expenses from the budget, but times are hard, and the list of expenses may still result in debt. Now what? Conservation is the answer. One area to conserve is the gas bill. If long commutes are a necessity, and the gas bill is unavoidable, consider carpooling to share the expense. When running errands, determine ahead of time a route to avoid doubling back, going from one end of town to the other. Also, whenever possible, consider walking or riding a bike. Not only will the gas bill go down, a person will get some healthy exercise.

Another area to conserve, and avoid debt

   

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