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10 Tips to Get Out of Debt

Photo Courtesy:  Chemistry | Photographer's Choice | Getty Images

More From Til Debt Do Us Part

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Cut Your Credit Cards and Set A Budget

Every family that finds themselves in debt should cut up all their credit cards and live on a cash budget, keeping a log of each and every expenditure made. Use the following formula to set a budget. Keep in mind that the "life" category includes is everything from groceries, to gadgets to entertainment. Housing: 35%, Debt: 15%, Life: 25%, Transportation, 15%, Savings 10%.

Photo Courtesy:  Chemistry | Photographer's Choice | Getty Images