Repair Your Credit Profile

Here’s a good column from the fine folks at Kiplinger’s about how to get out of debt faster.

Here’s one stat that makes me feel a little better about the amount of debt I have:

People aged 22 to 29 who carry debt owe an average of $16,120, according to a recent study by USA Today and the National Endowment for Financial Education. That’s 10% more than just five years ago.

And here’s a good tip about how to spend your money smarter:

5. Spend smarter. Use our budget worksheet to see how much you are spending and how much you’ll have left over at the end of each month to use toward paying down debt.

Cut down on unnecessary spending to free up your cash flow. For
example, forgoing a $20 happy hour after work once a week would save
you $80 a month. On a $1,500 credit-card balance at 15%, adding that
$80 to a regular $60 payment would save $189 in interest — and you’d
completely pay off your debt in one year instead of almost three. Use our calculator to see how much extra payments can save you in time and money. And see Stop Living Paycheck to Paycheck for more strategies to control your spending.

-Adam

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