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I would consider this one of those items on the same shelves as losing weight. Here is why both of these topics have so many similarities:

1. Both are probably 20% technique and 80% the person.

2. There are a hundred ways to accomplish your end goals

3. There are some simple guidelines for accomplishing each.

Exercise the simple guidelines are: Eat less, exercise……..with many paths to get there.  Getting out of debt I think I have narrowed it down to only 3 simple guidelines which maybe could only be two: Earn more money, have less expenses and/or spend less, and sell items of value to increase income or have less expenses.  One way to get out of credit card debt would be the snow ball effect. If you have multiple debts, number one sell items of value or take out money in savings to pay down your most expensive debt with the least amount of balance. Lets use this example:

Credit card A has a balance of $2000 and interest rate of 10% Min. Monthly payment of $50

Credit card B has a balance of $2000 and interest rate of 7% Min. Monthly payment of $40

First you would do a spending plan and figure out how much month you can put towards paying down your debt. In this case lets say it is $200, so what you would do is pay the minimum payment on Credit card B of $40 and pay $160 towards Credit card A. Once you pay Credit card A off, then you will take that full $200 payment and apply it towards Credit card B. DON’T STOP HERE!!!……..Now you just freed up $200 a month for extra income…..please don’t go spend it! Instead, take that $200 a month and put it in savings or a retirement account.

Hope this helps

Stay tuned as I will have more money saving tips coming your way!