Holiday Spending Survival Guide
* 12 Ways to Avoid Impulse Buying. Read
* Beware of store-branded credit cards. Read
* Control spending without being a Scrooge. Read
* 10 healthiest mall meals. Read
* Save When You Shop. Read
* Save Receipts the Right Way. Watch
* Credit Card Payoff Calculator. Do
* More From The Money Coach. Go
It can be tough to finally admit exactly how much debt you're carrying. But if you're going to dig yourself out of debt like I did, you have to know precisely how much damage has been done.
The fastest way to get a snapshot of all of your credit card bills is to pull your credit reports.
Avoid other credit report websites — they often charge hidden fees.
2. Make a realistic budget
While it's not necessary to live like a pauper, it is smart to get a handle on your cash flow. That means creating a realistic home budget. Take a hard look at how much income you've got coming in the door each month, and what's going out.
Small changes in your spending habits can go a long way. Skipping Starbucks in favor of home-brewed coffee can save up to $50 a month. Switching to basic cable from a premium package can cut your monthly bill by up to $40.
3. Get help
The financial impact of the Great Recession has been felt far and wide, but credit counselors say older Americans have been particularly hard hit by the economic downturn. Nest eggs have shrunk and jobs for older workers remain scarce. So if you're grappling with debt, you're not alone — and you shouldn't be embarrassed to ask for help.
Find a free or low-cost credit counselor who can explain your options for dealing with debt. Two reputable organizations are the National Foundation for Credit Counseling and the National Foundation for Debt Management. Beware credit repair scams. Legitimate credit counselors can't and won't promise to eliminate your debt instantly in exchange for a high upfront fee.
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