Credit card debt article written by Irmo bankruptcy lawyer Daniel Stone

Most of my bankruptcy clients have credit card debts. What are some of the warning signs that your credit card debt is getting out of hand? Many of the experts warn that if 15% of your monthly income goes towards paying your monthly expenses, then you have too much credit card debt. Here is an example. Say your net income is $2,000 per month, if $300 goes towards credit card debt, you have too much.

Another warning sign is if you are taking cash advances from one card to pay on another card. Finally, if you chronically making just the minimum payment each month, you have too much credit card debt.

How do you get out of credit card debt? First, review your monthly expenses. Look for easy ways to begin trimming your budget. For example, stop going out to restaurants and eat in. When you go to a grocery store, take a list and only buy the store items – not the brand-name items. Finally, begin looking at ways to live below your means – not above it. We all are guilty at some point in our lives of trying to live up to a certain expectation. However, in reality most millionaires live simple lives and drive used simple cars. The reason for this is that most millionaires are constantly looking for ways to save money – not spend it!

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