Or is it the shadow of debt?
- Chicago, Ill. Tradition says there will be 6 more weeks of winter if Phil the groundhog sees his shadow on the 2nd of February. Then he goes back into the same hole again.
How about you? Will you go back into the same hole – the depressing debt hole, chased in by the shadow of debt from the holidays, in 2009, or even 2008?
“You may not have a choice about winter continuing another six weeks,” says Michael McAuliffe, president of Family Credit Management Services, “but you do have a choice if your debt lasts another six years or more. Make a decision and then follow through with it – today.”
Family Credit Management offers five suggestions to shake off the debt shadow:
• Focus on the goal of becoming debt free. You are in charge of your spending! So what’s it going to be – pay off debt or get that new toy?
• Evaluate your circumstances. List everything you owe, and create a spending plan. Free, downloadable spending plans are available at: https://www.familycredit.org/
• Commit to not using credit until ALL revolving debt is paid in full. You cannot borrow your way out of debt.
• Prioritize your debt. Pay minimum payments to the lowest interest rate debt and send all extra funds to the highest interest rate debt. When that debt is paid, focus on the account with the next highest rate and continue that pattern until you are debt free. If you are in good standing with your credit card company, call and ask for an interest rate reduction.
• Remember, from this point forward you have made a decision NOT to run back into the old debt hole. Tape a picture of a groundhog to your refrigerator as a daily reminder.
About Family Credit Management – FCM is an ISO registered, non-profit consumer credit counseling service providing solutions for those seeking financial assistance. FCM is one of only 26 consumer credit counseling agencies licensed in over twenty states, and has been servicing consumers throughout the country for fifteen years. FCM’s mission is to reduce stress in consumer’s lives through education, budget counseling and debt management.
800-994-3328 ext 124 or 815-484-2798
# # #
Family Credit Management is an ISO registered, HUD certified, non-profit consumer credit counseling service providing solutions for those seeking financial assistance. FCM is one of only 26 consumer credit counseling agencies licensed in over twenty states, and has been servicing consumers throughout the country for fifteen years. FCM's mission is to reduce stress in consumer's lives through education, budget counseling, and debt management.