A personal finance expert who teaches people how to get out of debt shares the 4 smartest steps she took to pay down $35,000 worth of credit card debt in 2.5 years
When Tiffany Aliche found herself in $35,000 worth of credit card debt, she took four initial steps.She also did a balance transfer and called all of her creditors."I was fortunate that I grew up in a household where we talked about money all the time," the personal finance expert who is known as"Thanks to her dad's lessons about budgeting and living within your means, she was able to save up enough money on a modest teacher's salary to buy a condo, she said.
Aliche spent about 2.5 years paying down her credit card debt, she said. Along the way, she ended up losing her condo to the bank. Today, however, she's completely debt free at 43:"I own two homes, I don't have any mortgages and I don't have a car note."1. She took control of her spending The second big change she made after coming to terms with her situation was eliminating discretionary spending.
"That was the smartest thing I did because I couldn't have done that after I was late on payments," she said."So at least whatever I was paying to my credit cards would go directly to the principal and not to fees." Another early step Aliche took was contacting her creditors, who had been excessively calling her and her family.
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