Get Out of Debt: How to start and where you can turn for help


Posted on August 15, 2009 at 6:40 PM

Updated Tuesday, Oct 13 at 1:55 PM

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(WHAS11) - Debt, if you're in it you know it, but you may not know how to get out. WHAS11 is here to help.

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Right now, many WHAS11 viewers are spending money, not buying anything, but paying interest on credit cards.

A recent WHAS11 Survey USA Poll shows 44%, nearly half, of the 900 people questioned are in debt.

With jobs and savings disappearing, we need advice on getting out of debt more than ever.

WHAS11's Melissa Swan found resources, tips to give and debt stories to share to help you begin a debt-free journey.

Americans are in debt, the average household carries about $14,500 in debt and much of it is credit card debt.

It is affecting people from all walks of life, someone who makes 6 figures a year to people who've been laid off. All of a sudden their doors are closing and companies are being bought out by other people.

Consumer Credit Counseling Service and Louisville Asset Building Coalition are both non-profit agencies that offer get out of debt advice.

Consumer Credit Counseling is where Emily Breeding sought advice to pay off school loans and credit cards. One card was charging her 27% interest. CCCs helped her cut the time it would take to pay off her debt, from 38 years to 4 years. She saved herself thousands of dollars and a monthly anxiety attack.

Counselors at both CCCS and LABC agree, there's only one way to start digging out of debt. You have to have a budget or a "spending plan".

Even the small purchases add up and recognizing that makes a difference. It may seem like a small step, but pace yourself, it could be a long journey.

Melissa talked to Dave Ramsey at his offices in Nashville, Tennessee and she visited with Financial Peace University students who live in Louisville. Those stories are tonight at 11 on whas11.

Here's a tip about getting out of debt: did you know that if you use cash instead of debit cards, you'll spend less money. In fact, at fast food restaurants, experts say you'll spend 50% less.

Use cash, all the experts say it helps you save money.

Use cash, all the experts say it helps you save money.

We're here to help you "get out of debt" and we will have more stories, resources and tips Thursday at 6 at 11 and here at

More Resources to help you Get Out of Debt: