Debt Advice for Women

Overspending on clothes, shoes and salon appointments can put many women in the red; and lack of funds can contribute to debt problems. But regardless of the extreme nature of spending, you can put an end to debt and pay down your balances.

Face Your Problem

Calculate your balances to understand the severity of your spending and debt problems. Knowing how much you owe major credit card companies and retail stores can help you decide the best plan of attack. Plus, getting out of debt involves setting goals and meeting your goals in small increments. For example, if you owe $6,000 in credit card debt, and you have an extra $300 each month after recurring expenses, you can set a goal to pay off your debt in approximately 20 months or less than two years by spending your disposable income on debt payments.

Creative Payments

Creditors ask for monthly payments about every 30 days. But you can jump start your debt elimination efforts with bi-weekly payments to your creditors or lenders. Don't wait until the bill is due to submit a payment. Instead, make two or three payments a month. This method reduces the amount you owe in interest, and you will pay down the principal faster.

Make Sacrifices

Some women enjoy shopping, and there's nothing wrong with the occasional purchase. But if you spend every weekend shopping and buying items you don't need, debt problems can escalate. Limit your payment option to cash only; and even with cash, establish a spending budget. This budget should include money spent buying clothes, hair appointments, nail appointments and recreation. Adopt frugal habits to save money, such as doing your own hair and nails instead of using a professional, or browsing thrift stores or secondhand stores for clothes in good condition. Put the money saved towards your credit cards to eliminate debt.

Start Selling

If you tend to accumulate lots of shoes, clothing or jewelry, declutter your life and make money in the process. Have a yard sale, list items in the local paper or sell items online. Sell your wedding gown or a bridesmaid dress that you'll never wear again; or free up space in your closet and get rid of designer handbags that you never carry. Rather than spend the proceeds re-accumulating items, take the proceeds and apply the cash to your debt to help get rid of balances.