Are you carrying ever-increasing balances on your credit card? If so, you must take steps to control it before you enter a debt spiral – a situation where you are accruing so much collective debt and interest on that debt that it becomes effectively unpayable. You can never catch up without a drastic change in spending or income, or in the worst case, bankruptcy.
How can you prevent a debt spiral? We offer 5 tips to prevent a trip to the poorhouse.
1. Track Income and Expenses – It's not rocket science to figure out where your debt comes from. On a regular basis, you spend more money than you make. It's that simple.
Greg McBride, Chief Financial Analyst at Bankrate.com, puts it succinctly: "Force yourself to keep track of expenses, calibrate the amount you're bringing in on your net income with what's going out the door. This is really your score card to tell you wh...
from MoneyTips https://www.moneytips.com/5-best-tips-to-control-rising-credit-card-debt
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