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How do I get out of my debt?

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This might come in handy if you have been over indulging on Christmas presents this year and is often an opportune time to sit down in the New Year and look at your situation.

Initially you should take a serious look at how much you and your family earn and how much it spends on a monthly basis. You need to do this honestly and you could begin by tracking all of your expenses and all of your income for one month. Ensure that you include all of your income such as your wages and government assistance and remember that it is very important to include all of your expenses such as your mortgage, credit card payments, insurances and groceries etc.

See how much if anything is left over at the end of the month. If you have a positive balance, which is fantastic you can then apply the surplus towards paying off your debts every month and start sticking to that strict budget. This will ensure that you keep those credit cards and personal loans heading in the right direction. If you have a negative balance at the end of the month this result shows that you are living beyond your means and should seriously rethink your monthly spending. It would be wise to cut out any unnecessary expenses. Your goal is to make sure that you have some money left over at the end of each month for either savings or debt reduction and the only way to do this is either by spending less or earning more.

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