how to: get out of debt

If you’re ready to get out of debt and boost your fiscal fitness, you’ve come to the right place. Staring at that huge stack of bills, fielding the unpleasant phone calls -- even just knowing you’re in the red can really drag you down. Luckily, we’re here to help you get back up! We have tons of advice for getting out of debt, including credit card debt help and an easy-to-use debt calculator to help you pay off debt. You’ll also find debt advice on how to renegotiate your credit card debt and ways to improve your credit (even before you’re out of debt!). Not sure where to begin? Why not give our 7 simple steps to getting out of debt at try -- they will definitely help you find your financial footing. Tackling your debt as a twosome? We’ve got plenty of debt advice geared toward couples. Learn about financial basics for newlyweds, including how to choose the right bank and when to merge your accounts. Peek into real couples’ budgets and see how they fixed their finances. And if you’re wondering where to find all that extra money to pay off debt -- don’t worry, we’ve got that covered too. We have debt help and cash-saving secrets from financial pros, and the money tips that spending savvy couples must know -- plus saving secrets from fellow Nesties. Finally, check out our tips to help you stay out of debt for good -- set up a household budget, plan your paychecks, and get credit smart.

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Money Q&A: Managing Credit Cards?


The Nest Q&A I have five credit cards. Should I cancel some of them?


The key question isn't how many cards you have -- it's how much you spend in relation to how much you pay. If you pay off your bill on time each month and don’t ever get more than halfway to the balance limit, then you’re doing your credit score a favor in most cases. But if having five cards entices you to overspend, think about trimming back. Evaluate which cards have the lowest rates and put those in the keep pile. For any cards in the discard pile, cancel them slowly. Why? Well, your credit score is based on your debt-to-credit ratio, which isn't supposed to tip over 50 percent. That means that if you have five cards with a limit of $2,000 on each card and you cancel three of them, your combined credit limit drops from $10,000 to $4,000. So, if you owe under $2,000, you’re fine, but if you owe more, you could raise some red flags.

7 simple steps to get out of credit card debt

Find more advice on getting -- and staying! -- out of debt

-- The Nest Editors

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