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The feeling you get when you pay off that last credit card balance is truly incredible. I know for some people this can seem like the impossible dream, but you can do it!The first step to debt reduction is understanding your income and expenses. So start a simple household budget, either on computer or on paper. Track your income and expenses as best you can.
Then, try to identify the areas where you are wasting money. Too many Starbucks latte's, too many nights on the town, too much impulse shopping, and so on. Start cutting back on these expenses, then put that money toward getting rid of your debt.
Stay motivated by tracking your debts on a sheet of paper. As you pay your credit cards down or pay them off, update the paper by writing in the new balances and crossing off the loans you have paid off.
Another way to stay motivated is to keep reminding yourself how much of your hard-earned money you are sending to the credit card companies. Obviously you are sending a lot to them in interest - money you could use for yourself and your family if you didn't have those debts. Not to mention all the sneaky fees they charge - from late payment fees to balance transfer fees.
Be done with it all! Pay off that debt however you can.
