The credit union at Duke University is helping employees get themselves out of credit card debt. They advocate “plastic surgery” which is a phrase that is growing on me as a way to get yourself out of debt.
The Duke folks have put together a great article that I recommend you check out. Here’s a part that really caught my eye:
An obvious warning sign of credit trouble is when spending outweighs income, Dowdy said. A budget has two elements: income and expenses. Keep it simple, she said, and don’t get overwhelmed.
“Ask yourself, ‘Do I really need this new credit card? Am I the type of person to pay my balance off every month?’ ” Dowdy told participants. “You don’t want to get caught in the trap of obtaining more credit. Your goal is to try to save money.”
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