Welcome to this weeks edition of Baby Boomer Finance – Ending Credit Card Debt

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This is your host, Denise Boomer and Dr. Bee Boomer, welcoming you to this weeks edition of the Baby Boomer Finance on PodcastForBoomers.com.

This week we are talking about Ending Credit Card Debt.

Credit card debt is not imposible to end. It might appear to be a nightmare. It might seem like you will never pay off your credit cards. It might keep you awake at night. But you can beat this. You can pay it all off.

Credit card debt reduction starts with a budget. Simply add up all the expenses you have each month in one column. In another column add up your income. Do not include your credit card payments.

Next, add up the minimum payments required for all of your credit card debt and add that number to your total expenses. If your income matches or exceeds the total expenses, you are in great shape. Figure out what is the most you could pay towards the smallest credit card and pay that amount. Pay the minimum due on the other credit cards.

When that credit card is paid off, start paying the most you can afford to pay each month towards the next smallest credit card debt. By paying off each card one at a time you will have them all paid off in record time. At the same time, do not spend more than you have budgeted. And this will not work if you continue to add to your credit card debt.

If your income is not enough to cover all your expenses and the minimum due on each credit card debt, then you will have to come up with some extra money each month. You could get a second job temporarily or sell items. Or, if you are married and one spouse is not working, they could get a job temporarily.

If things are really desperate you might need to reduce expenses by selling an extra vehicle, selling your home and getting a smaller one to reduce mortgage payments and utility expenses, or sell your home and rent for awhile. There are many options available. The important thing is that you reduce expenses, increase your income, or both.

If all else fails bankruptcy is a last resort. It will not be easy, but it is a possible way to achieve credit card debt reduction. Before you resort to bankruptcy, however, try to work it out. Get professional financial advice from a debt reduction counselor if you need help preparing a budget or figuring out a payment plan. They can be a great help.

During this time keep in mind that you will get out of this. Do not let it wreck your marriage or your family. Whether it takes a few months or a few years, you will succeed in getting out of debt. It just takes determination, patience, and some wise financial planning.

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Until the next time, this is your host Dr. Bee Boomer and Denise Boomer saying good bye!