Financial Basics

Getting Organized

Take Control

Build Your Credit

Banking Basics

Taking the Next Steps

Determine Financial Goals

Creating a Budget

Building Your Career

Borrowing Basics

Investing for Your Future

Investing 101

Saving Strategies

Choose the Right Investment

Investing Online


Increase Your Earning Power

Tuning Your Career

Negotiating for Success

Changing Careers

Going Back to School

Starting Your Own Business

Smart Borrowing

Take Control of Your Debt

Paying for Major Purchases

Getting a Loan

Finance an Education

Managing Your Finances

What's Your Net Worth

Managing Daily Finances

Tax-Planning Strategies


Plan for Financial Success

Creating a Financial Plan

Achieving Short-Term Goals

Plan for Long-Term Goals

Retirement Planning Basics

Investing Wisely

Investing Considerations

What's Right for You?

Investing Techniques

Preserving Your Wealth

Reallocating Your Assets

Insurance Options

Wills and Trusts

Plan for Heirs

Gifting to Family & Charity

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Take Control of Your Debt

If you feel like it's getting more and more difficult to pay off your bills every month, it may be time to reevaluate your finances. Your credit rating can affect everything from job prospects to your ability to buy a home, so it's never too soon to take control of your debt. Here are some steps to take:

  1. Understanding your credit report
    You should order a copy of your credit report once a year to make sure that everything on it is accurate. You can get a free copy if you were recently denied credit, and can purchase one for a small fee anytime. Contact one of the three major credit bureaus: Experian (800-682-7654), Trans-Union (800-888-4213), or Equifax (800-685-1111) and see our related products and services to more information about ordering your credit report.

    Note: Be cautious of "clinics" that offer to "repair" your credit
  2. Figure out where you stand.
    Before you can make a plan to get out of debt, get a sense of where you stand financially. Look over your outstanding debt-credit cards, car payments, mortgage, and student loans-to help you determine what your true needs are.
  3. Switch to lower rate cards.
    Pay off more than the minimum payment every month. Look for a competitively priced interest rate on the card. A $1,000 stereo could take you 12 years to pay off on a card with a 17% interest rate, and cost you an extra $979 in interest if you pay only the minimum each month.
  4. Consider consolidating your debt.
    Rolling all your debt into one low rate card or other consolidation loan can reduce your monthly payments and make tracking easier. Merging your debt into your mortgage is often a good choice, by refinancing your home or taking out a home equity line of credit.
  5. Create a budget.
    Look at fixed as well as variable expenses. Do you need really need a $50 haircut? Watch out for impulse purchases, and consider a relaxing vacation camping instead of a European tour.
  6. Start saving now.
    Don't put off saving for your future. Take advantage of any 401(k) or other retirement plan your company may offer, or use an IRA if you are self-employed.
  7. If you feel you are in over your head.
    Go see a credit counselor if you can't see a way out on your own. Consumer Credit Counseling Services (800-208-CCCS) is one national non-profit that can help you explore your options and make a plan to get out of debt.



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