Tips For Managing Debt In '09 - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro, AR -- Lauren Payne Reports

Tips For Managing Debt In '09

JONESBORO, AR (KAIT) -- Single mother of four, Esther Dukes, is working her way out of debt.

"I have so many credit card bills that I have to pay off, so what I try to do is get on a monthly budget and try to pay so much off every month so I can clear my credit and get better established," said Dukes.

Fortunately for Esther, she's getting a better grip on her finances, but for millions more, the task of getting out of debt can be daunting; however, it's not impossible says Attorney Michael Crawley.  He says the first step is don't use credit as a crutch.

"You have to quit borrowing money and paying monthly payments. If you have already found yourself owing "x" amount of dollars then you're going to have to be able to make certain payments and start making progress toward making that balance closer to zero," said Crawley.

Crawley says prioritizing is imperative....things like your house and car payments and clothes and food for your family top the list.  He says take what's left, even if it's just a little, and start paying back what you owe.

"What helps most folks is to pay on the smallest one and try and make it go away, so you have less and less monthly payments to make and just kind of chip away at it," said Crawley.

Crawley says bankruptcy is a last resort, but he adds it can be an alternative to help people get back on their feet.

"If the ultimate goal is to move forward from this problem and live in a different way, and in a positive way and have a positive relationship with your creditors, than that really is what a bankruptcy is for," said Crawley.

As for Esther Dukes, she says reorganizing her finances was a necessity. She'll continue working to pay off things from the past, so she can enjoy a debt free future.  Michael Crawley says to help stay out of debt, try and avoid the cycle of incurring debt and making monthly payments. Make sure the necessities are taken care of, then set money back, even if it's a small amount, every little bit helps.

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • Man recently released from jail shot to death in St. Louis

    Man recently released from jail shot to death in St. Louis

    Saturday, May 26 2018 3:06 PM EDT2018-05-26 19:06:06 GMT
    (Source: Raycom Media)(Source: Raycom Media)

    Authorities say a man shot to death on a St. Louis street near Interstate 70 had been released from jail only a week earlier.

    Authorities say a man shot to death on a St. Louis street near Interstate 70 had been released from jail only a week earlier.

  • A-State's disaster preparedness program ranked as top in nation

    A-State's disaster preparedness program ranked as top in nation

    Friday, May 25 2018 1:30 PM EDT2018-05-25 17:30:28 GMT
    Saturday, May 26 2018 8:42 AM EDT2018-05-26 12:42:43 GMT
    (Source: KAIT)(Source: KAIT)

    Arkansas State University’s Regional Center for Disaster Preparedness was honored recently by a college ranking website, College Choice.

    Arkansas State University’s Regional Center for Disaster Preparedness was honored recently by a college ranking website, College Choice.

  • Local high school graduates inaugural senior class

    Local high school graduates inaugural senior class

    Friday, May 25 2018 11:05 PM EDT2018-05-26 03:05:02 GMT
    Friday, May 25 2018 11:36 PM EDT2018-05-26 03:36:46 GMT
    KIPP graduated their inaugural senior class. (Source: KAIT-TV)KIPP graduated their inaugural senior class. (Source: KAIT-TV)
    KIPP graduated their inaugural senior class. (Source: KAIT-TV)KIPP graduated their inaugural senior class. (Source: KAIT-TV)

    It's a milestone for the 36 graduating seniors for one local high school.

    It's a milestone for the 36 graduating seniors for one local high school.

Powered by Frankly