How to dig your way out of debt - Houston weather, traffic, news | FOX 26 | MyFoxHouston

How to dig your way out of debt

Posted: Updated:
ATLANTA -

April is Financial Literacy Month, so there's no better time than now to talk about how to dig yourself out of debt.  FOX 5 I-Team reporter Dana Fowle has some sure-fire ways to get financially fit.

Tax Day was just last week, so your financial records should still be close at hand.  Don't put them away yet.  Instead, use this time of year to assess your personal finances to make changes, and while you're at it, make it an annual event.

The Better Business Bureau offers these great ideas on how to dig out of debt:

1.  Review financial history -  Many credit cards will break down your spending.  Figure out your trouble spot.

2.  Put away plastic – Stop living on your credit cards.  This will go a very long way in getting debt-free.  

3.  Call your creditors – If you get in a jam, call your creditors before you skip payments.  They'll work with you.  Don't wait until you're already in big trouble.  They might be less sympathetic if you wait too late.  

4.  See a credit counselor – Just be careful who you pick.  The BBB recommends the local, not-for-profit group CredAbility.  Click here for a link to their website.   The BBB says if any group makes you promises about cleaning up your credit quickly for a fee, turn it down and leave.  There is no quick fix.  

Atlanta Better Business Bureau spokesperson Fred Elsberry says you can start paying that debt off one credit card at a time.  Once you've paid one down, then you can move onto the next.

  • I-Team Story ArchiveMore>>

  • Fox 5 I-Team

    Cheap vs. Frugal

    Cheap vs. Frugal

    Wednesday, April 23 2014 9:15 AM EDT2014-04-23 13:15:25 GMT
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
  • Fox 5 I-Team

    Save on Vacation

    Save on Vacation

    Monday, April 21 2014 9:56 AM EDT2014-04-21 13:56:05 GMT
    Thinking about vacation is a lot of fun. Thinking about what it'll cost you is not so fun. Here are some ideas for cutting costs.
    Thinking about vacation is a lot of fun. Thinking about what it'll cost you is not so fun. Here are some ideas for cutting costs.
  • Get Financially Fit: A Step-By-Step Plan

    Get Financially Fit: A Step-By-Step Plan

    Monday, April 14 2014 9:15 AM EDT2014-04-14 13:15:13 GMT
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions. Do you know how much you spend each month?  How much of your check should you save?
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions:  Do you know how much you spend each month?  How much of your check should you save?
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Dine Out for Project Open Hand

    Dine Out for Project Open Hand

    Wednesday, April 23 2014 9:39 AM EDT2014-04-23 13:39:13 GMT
    Head out to the a participating restaurant to celebrate the 22nd anniversary of Dining Out For Life.
    Head out to the a participating restaurant to celebrate the 22nd anniversary of Dining Out For Life.
  • Fox 5 I-Team

    Cheap vs. Frugal

    Cheap vs. Frugal

    Wednesday, April 23 2014 9:15 AM EDT2014-04-23 13:15:25 GMT
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
  • Mountain Festival Brings Music, Dancing To Dahlonega Square

    Mountain Festival Brings Music, Dancing To Dahlonega Square

    Wednesday, April 23 2014 9:08 AM EDT2014-04-23 13:08:13 GMT
    The North Georgia town of Dahlonega is best-known for its gold. But this weekend, music will bring more than 50,000 people to the historic town square.
    The North Georgia town of Dahlonega is best-known for its gold. But this weekend, music will bring more than 50,000 people to the historic town square.
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices