One of the things that I've found as a single work at home mom is that as long as you're in debt, you can't get ahead. You're so busy paying the minimum on all your debts, that there isn't any left over for savings. The old adage is true. The rich just get richer, because they're not being hit with finance charges and late fees, and the poor get poorer, because they are being hit with finance charges and late fees. It's like trying to climb to the top of a mountain, and the mountain top keeps growing taller and taller. So when I find something I think is useful in helping people beat their debt, I will post it here.I recently found this debt reduction planner on CNNMoney.com that I think is simple, straightforward, and easy to use. You enter your debt total, interest rate, your monthly payments, and you can see exactly how long it will take to pay off your debts. You can also find out how increasing your monthly payments incrementally will help you to get the debts paid off sooner. As you pay off one debt, take the money that you would have spent on that monthly payment, and apply it to the next debt. Harder than it sounds, I know. But you've got to start somewhere.
