LIGHTEN THE DEBT LOAD.Byline: - Staff and Wire Services If your credit card and other debts are mounting, it's probably time to reassess reassess Verb to reconsider the value or importance of reassessment n Verb 1. reassess - revise or renew one's assessment reevaluate your financial situation and find a way to reduce your monthly burden. Family Circle magazine, in a story in its March issue, says that if your nonmortgage debt exceeds 15 percent of your take-home pay take-home pay n. The amount of one's salary remaining after federal, state, and often city income taxes and various other deductions have been withheld. , you should start trimming expenses. Do some triage triage Division of patients for priority of care, usually into three categories: those who will not survive even with treatment; those who will survive without treatment; and those whose survival depends on treatment. - pay the mortgage or rent first, followed by utilities, secured debts, credit cards and medical costs - and then look at bills such as heating, water, phone calls and cable television to see where you can cut back. Consider taking out a consolidation loan, or, if you're a homeowner, a home-equity loan Home-Equity Loan A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. , to pay off your debts. And start saving, even if it's just the spare change in your pockets at the end of the day. It's smart to have a cushion to prevent you from falling behind on your payments. |
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