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In this video, Entrepreneur Network partner Mark Kohler explains how to get out of debt and stay out of debt in six steps.
The first step is to make minimum payments on your credit cards. Don’t try to get rid of credit card debt as quickly as you can and spend too much too quickly. Instead, make minimum payments and use your savings to create an emergency fund, which should be at least $500 but can be as much as you can afford.
That way, if you have an emergency, you’ll be using your savings rather than putting more debt onto your credit cards.
Click play to learn why this is important and to learn the other five steps to ridding yourself of debt for good.
Related: Which is Better: an IRA or a 401K?
Watch more videos from Mark J. Kohler on his YouTube channel.
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