San Diego State University logo



Debt Counseling

 

Already in Debt?

If you are carrying credit card debt that you aren't able to pay off in full nearly every month, your list of goals should include getting that debt paid off. It may not be easy, but just think how much extra money you'd have if you weren't paying all that interest. Plus, you'll be less stressed. It's no fun worrying about debt.

First you need to figure out how long it's going to take for you to pay off that debt. Look at a recent credit card statement to find out your interest rate. Then carefully consider the size of the payment you can make every month until the debt is paid. With this information you can find out how long it's going to take to pay. Check out BankRate Debt Calculator, to find out how much it's actually going to cost you.

Things You should Consider

• Use Your ATM or Debit Card: they can often be used in the same way as a credit card and they frequently cost you nothing to use.

• Establish Financial Goals for Yourself: short-term goals are goals that you can realistically achieve in a short amount of time. You will also want to establish long-term financial goals.

• Needs versus Wants: consider whether the purchase is something you really need.

• Credit Cards

  • It is suggested that you have only one credit card.
  • Read the fine print.
  • Pay it off at the end of each month.

• Remember Credit is Borrowed Money: if you choose to take on debt, never forget that it is borrowed money and you will have to pay it back plus interest.

• Know Your Own Weaknesses: if you are honest with yourself about those weaknesses you will be better able to avoid the temptation to overuse your credit cards

• Please check out these websites: