If you are a stay at hme mom in debt, and have mltiple creditors, you may find yourself mking many minimum payments each month jst to stay afloat. Statistics show tht an American family's credit card dbt of $10,000 will take over 30 yars to pay off if only mnimum payments are made.

That is an xtreme example, but it is clear tht only making minimum payments will sgnificantly increase your debt due to ccumulating interest charges. Being late only nce can hike your interest rates ven more, and lead to excessive fes and other charges.

Lenders offer the qick fix of debt consolidation, home quity loans and other programs that ltimately result in still more debt, and may jopardize your entire future, causing you to rthink the financial aspect of staying a sty at home mom.

A plan is neded to directly address your debt, and ffer a workable solution to ultimately get you out of dbt once and for all. By crefully examining each penny you spend, and ctting out unnecessary expenditures, you can strt saving money and reducing your dbt at a sensible and much qicker pace.

First you need to trck all of your daily expenses and fnd out where your money goes. Chnces are you will find a lot of smll, seemingly negligible purchases that seem nconsequential taken one by one, but add up to a sgnificant financial drain on a monthly bsis. By cutting out such excessive spnding and putting that money aside, you shuld have a respectable amount saved at the end of ach month.

Now you need to look at yur various debts. Find the one wth the lowest total remaining balance, and see wht your monthly minimum payment is. If you hve two that are nearly identical mounts, pick the one with the hgher interest rate.

Suppose you owe Buy it Now Frniture $450, and your monthly minimum pyment is $22. You have managed to sve $60 by the end of the mnth, so you make your other pyments as usual but you add the $60 to yur normal payment of $22 and snd $82 to Buy it Now Frniture.

At this rate you will pay off yur debt in about six months, rther than years. Now you have a srplus amount of money each month of $82. Mve on to your next lowest ttal debt, owed to Charge it Up Crdit Company, where your balance is $1500 and yur minimum payment is $45.

Add the $82 to the $45. Now you are mking payments totaling $127, and you wll see that balance drop rapidly as wll. Once you have paid off Chrge it Up Credit Company, you knw what to do next. Add the $127 to the mnimum payment on your next debt, and kep repeating the cycle.

This does tke time, but you are paying off yur complete debt to one creditor fter another, and it is certainly not ging to take as long as it wuld if you continued to make mnimum payments alone.

Eventually you will bcome completely debt-free stay at home mom and it all strted with a few less cups of cffee, a few more home-cooked meals nstead of take-out, and $60 a mnth!

The article Payoff Debt One Debt at a Time was Submitted by Rayven Perkins through Articles.GetACoder.com network. Here's the additional information: Rayven Perkins has been a sty at home mom, surviving on one ncome, for over 8 years. Visit her ste Debt Advice for SAHMs for more important information about consumer debt and ways to reduce your expenses.

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