November 01, 2000
Meetings & Conventions: Short Cuts November 2000 Current Issue
November 2000

Climbing Out of Debt

Today, it’s all too easy to spend money we don’t have. In fact, consumer debt is rising at an alarming clip. Joy Thormodsgard, COO and executive vice president of the Silver Spring, Md.-based National Foundation for Credit Counseling, offers these tips for getting a handle on spending.

FACE IT. Write down where you owe money, how much and the monthly payments due. Is it too much to keep up with? If so, contact your creditors and propose what you can reasonably pay.

TALK IT OVER. Discuss the problem and solutions with your partner and your kids.

ICE THE CARDS. Freeze credit cards in a bowl of water; it will be hard to be impulsive.

THINK ABOUT IT. Remember, when you use credit, you are using future income. Can you get by on what you have today instead of borrowing from tomorrow?


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