Credit Card Debt
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If you are working with a budget, you may feel that it does not allow you to meet your financial goals in a timely manner. You may also find that each month your expenses outstrip your income. If you find yourself in this situation, you can either decrease your expenses or increase your income. Easier said than done, so here are some tips to get you on your way.

Decrease expenses

• minimize bank charges by using ATMs from your bank
• do not utilize “payday” loans – the fees are excessive
• give up expensive habits like cigarettes and designer coffee
• use coupons for food, dry cleaning, and other services you use often
• borrow books/videos/CDs from the library; read and watch for free
• refinance a debt over a longer period of time (e.g., auto loan)
• consolidate your debts at a reduced interest rate (e.g., credit cards, student loans)

Increase income

• sell items you no longer need
• get a part-time job (check with your unit commander)
• rent out the spare room
• sell unsecured assets, which are things you have paid for in full and haven't promised as security to a creditor

The last resort
If you can't find a way to have your income match or surpass your expenses and you have accumulated so much debt that it seems hopeless, call a credit counselor and ask for help. If credit counseling doesn't help and there still appears to be no way to pay it back, you may want to declare bankruptcy.