MEMPHIS, TN (NBC) - Every year millions of Americans struggle with debt. The Federal Trade Commission says there are a few ways that you can help cut down on the debt.
First, they suggest you develop a budget and stick to it. They say start by listing your "fixed" expenses. This is things like rent, groceries, power, water and getting to work. They suggest using free software to help budget it. We have reviewed and consumer experts suggest "Mint." It's made by the creators of TurboTax and integrates right with your bank account. You can click here to find out more about it.
Secondly, they say you should contact your creditors. The FTC says you should not wait to be turned over to a debt collector. They say acting quickly could mean the difference and they say creditors are likely to work with you on it.
Finally, they offer several other suggestions on making sure you can pay your auto and home loans. These types of loans often mean creditors can repossess your items if you fall behind. For more says to tackle debt, click here.
Tuesday morning on WMC Action News 5 at 6:00 a.m, we explain why a lack of money may not be the reason why you're unable to pay down debt. It could come down to the psychology of how the bill looks. That's Tuesday morning on WMC Action News 5 at 6:00 a.m.