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How to Avoid Credit Card Debt

Watch more Credit & Credit Cards videos: http://www.howcast.com/videos/179958-... Living within your means can be done. You don't want to be a slave to the credit card company, do you? Learn what to do to stay out of credit card debt. Step 1: Calculate monthly expenses Calculate your monthly expenses--right down to how much gum you buy--and compare that with the money you have coming in. Step 2: Scale back If your expenses exceed your income, see what you can live without. Keep slashing away until you have enough to live on, plus at least $50 a month you can put aside for unforeseen emergencies. Tip Don't forget to factor in periodic expenses like birthday gifts, haircuts, and school supplies. Step 3: Cancel your cards Cancel all your credit cards except one. Tuck that away for emergencies. Step 4: Set low limit Ask the credit card company to set a low limit on your card. Tip Throw your change into a jar every night; when the jar is filled, put the money into a savings account. Step 5: Use debit card or cash Use a debit card or cash to pay for all purchases. Step 6: Find extra work If a large unexpected expense throws off your budget, consider taking on part-time work or odd jobs like babysitting until you're caught up. Step 7: Celebrate Now celebrate your freedom from debt--but not so much that you end up back where you started! Did You Know? The average American household has $9,000 in credit card debt.