How to Dig Yourself Out of Debt in the New Year

Story Published: Dec 28, 2011 at 7:08 PM MST

Story Updated: Dec 28, 2011 at 7:26 PM MST

BILLINGS - There's no shortage of household debt for the average family. But whether you have a little or a lot of it, there's plenty you can do to help set yourself on a healthier financial path for the new year.

Experts say you can start by getting control of those credit cards. "People will go out and run up numerous credit cards and run them up to the maximum limit, which can have a negative effect on their credit score," said Stacey Trotter, a senior loan approver with Valley Federal Credit Union.

If the temptation to spend is just too much, experts like Debt Reduction Service's branch manager Sharon Welborn say don't bring the cards with you. "Leave the plastic at home. Don't carry credit cards," she advised.

Also, consider just how much you spend eating out or filling up on coffee on a daily basis. It can very quickly eat into your budget. "Those little expenses like that cup of coffee you get everyday or that energy drink. And realize just how fast that adds up," said Welborn.

The simplest solution is just figuring out what's essential. "Is this something you really need or something you really want," is what Trotter said you should ask yourself before you make a purchase.

Managing finances for you and your family is certainly a challenge, but not impossible, and there are plenty of resources available to help you come up with a plan. "We offer all of our financial educational workshops free of charge to the public and to anyone that wants one-on-one counseling," said Welborn of her company's operation.

So with time and discipline, experts say 2012 can be the year you get your financial house in order.

Source: http://www.kulr8.com/news/local/How-to-Dig-Yourself-Out-of-Debt-in-the-New-Year-136349618.html

alaska weather alaska weather election results gop debate live gop debate live nome alaska nome alaska