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Situation: Your expenses exceed your income every month.
- Talking to your Creditors: Don't wait for creditors to contact you. Explain your current situation. Frankly discuss your future income prospects so you can jointly devise solutions to the problem
- Controlling Spending: Talk to your family about your spending habits, and defer some purchases.
- Increase income: Consider a part-time job or moonlighting project.
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Situation: Your expense load includes a large amount of credit card or home mortgage debt
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Situation: You have a high fixed asset to debt ratio
- Making the Most of What You Have - Consider a home equity line of credit for special purposes, but avoid resorting to these measures for meeting short-term debt. addresses many other ideas.
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Situation: You're beginning to think you'll never be able to take that special vacation
- Setting Spending Priorities - Consider painless ways to save: Eliminate your daily trip to the Latte' Shop (up to $500/yr); take your lunch to work (up to $1000/yr)
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Content Contact: Susan Busler