YOUR MONEY: How to escape the debt hole
DALLAS - The holidays are over, but for many consumers, the headaches are just beginning as the bills start to pile up.
Tackle them now, because many experts say 2009 will be a tough year, especially for those who are debt-laden.
If you find yourself deep in debt, there are several options you can pursue.
Do it yourself
One way is to handle the situation on your own. This requires you to have a harsh reality check and total up all your debts.
Create a summary sheet that lists the creditor, monthly payment, balance, interest rate and credit limit for each. List the status of each account, whether any bills are past due, and verify the payment due dates.
"This debt summary may be overwhelming, so prioritize which bills to pay first," said Bill Hardekopf, chief executive of LowCards.com, a credit card information Web site.
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