How to dig your way out of debt - FOX13 News, WHBQ FOX 13

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>>

  • Credit Cards v Charge Cards

    Credit Cards v Charge Cards

    Wednesday, July 23 2014 7:48 AM EDT2014-07-23 11:48:23 GMT
    You always hear that it's a great idea to get rid of your credit cards, but sometimes it really is the best way to pay. So here's another option: charge cards.
    You always hear that it's a great idea to get rid of your credit cards, but sometimes it really is the best way to pay. So here's another option: charge cards.
  • FOX 5 I-Team Investigates

    Child traumatically injured in beach house elevator

    Child traumatically injured in beach house elevator

    Monday, July 21 2014 8:09 AM EDT2014-07-21 12:09:54 GMT
    Another child has been seriously injured in a residential elevator accident. This is a warning for any family renting a beach house.
    Another child has been seriously injured in a residential elevator accident. This is a warning for any family renting a beach house.
  • Governor reacts to Ethics allegations

    Governor reacts to Ethics allegations

    Friday, July 18 2014 6:40 PM EDT2014-07-18 22:40:07 GMT
    The Governor sat down with Senior Fox 5 I-Team Reporter Dale Russell for his first television interview following allegations of strong-arming by a member of his staff.
    The Governor sat down with Senior Fox 5 I-Team Reporter Dale Russell for his first television interview following allegations of strong-arming by a member of his staff.
  • 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>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Man bikes 900 miles to help Georgia girl

    Man bikes 900 miles to help Georgia girl

    Wednesday, July 23 2014 11:05 AM EDT2014-07-23 15:05:59 GMT
    Ten time Ironman, Dave Nazaroff recently rode 900 miles on his bicycle...from Nyack, New York...to Georgia. He didn't do it to get in shape, or to win a competition; he did it to raise money for a 11 year old Callie Truelove in Gainesville, Georgia.
    Ten time Ironman, Dave Nazaroff recently rode 900 miles on his bicycle...from Nyack, New York...to Georgia. He didn't do it to get in shape, or to win a competition; he did it to raise money for a 11 year old Callie Truelove in Gainesville, Georgia.
  • 2014 Southern Living inspired home open for tours

    2014 Southern Living inspired home open for tours

    Wednesday, July 23 2014 9:37 AM EDT2014-07-23 13:37:06 GMT
    It's the first of its kind -- and if you're goal is to live a "perfectly Southern" lifestyle, it might be the home for you. The 2014 Southern Living Inspired Home is now open in Toccoa,
    It's the first of its kind -- and if you're goal is to live a "perfectly Southern" lifestyle, it might be the home for you. The 2014 Southern Living Inspired Home is now open in Toccoa, GA at Currahee Club.
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

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