how to start?

hi everyone,

how will i start? My net pay is not enough for our basic needs, i could not set aside payment for my credit card debts. What i did was to use my card for our food and all my salary is used to pay some of my debts. when not enough i get another debt to pay my debts. Am working on my budget now and it is difficult to make both ends meet. any suggestion? everyone says i stop using my card, will i also stop paying some of my debts?

While it’s completely understandable that both your family’s needs have to be met and your debt has to be paid, please realize that you’re not getting ahead by paying off debt with credit cards, which are almost certain to carry a higher interest rate than the debt you’re paying them with.

I see you mention having a budget. While that’s a good first step, I think you should go one step further and really start pruning. What would you cut off? I don’t know, and that’s a highly personal decision to make. I don’t want to make this post too long, so I’m just going to give you a link.

Hopefully, you will find that you can free up some extra cash and not have to resort to paying off your debt with your credit cards.

My final suggestion would be to try and get a second source of income (not necessarily a second job) to supplement what you have and probably help you get out of debt.

I’m hoping I have been of assistance to you.

This year, we didn’t stop going out but we stopped going to fast food places which was a large portion of our “going out” money. I started eating frozen dinners for lunch at work instead of eating at the cafeteria. wow! that is a huge savings. We both drive old cars (2000 and 1996, do payments) and they both get 30 mpg or more. We go to the daytime movies. Cheaper tickets and my mother can watch the kids for free. If we went at night we would have to pay a babysitter.