The Dr. Boyce Challenge for this month is simple: Create a budget which includes the steady elimination of credit card debt. That means you should list every single expense you have for the entire month on one piece of paper or a spreadsheet.
Don’t leave anything out. Count the money you want to use for getting your hair done, your nails, paying your mortgage, car note, whatever. Count everything. That will be your first step toward obtaining financial fitness.
As you create the budget, allocate at least 10% of your monthly income toward reducing credit card debt. So, if you earn $3,000 per month after taxes,$300 per month should be allocated toward removing credit card debt, not including interest. So, if you owe $5,000 in credit card debt, you can remove this debt in a year and a half. It’s easier to negotiate with creditors if you don’t need them so much. Take small steps toward finding your financial freedom.
4 comments:
This crisis has caused me to lose my job. I am really frustrated right now and don't know what to do.
Dr. Boyce
I have taught Middle School in Urban america for nine years. This past week I learned that most of the Social Studies positions are being cut. Primarily because we are testing in theis area, and many of our students reading and math scores are 2-3 grade levels below their grades. Ok sos I am tryingto pay off as many bills as possible. Long story short. I recently paid a credit card bill off for $3,200.00 and rece'd a bill for $39 stating pymt was made 1 day after it was due. What can I do? I think the credit card company is upset that I paid it off. Please help!!!!
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